On 8 May 2023, the Monetary Authority of Singapore issued a consultation paper (“Consultation Paper“) on proposed amendments to the Payment Services Regulations 2019, existing notices applicable to payment service providers, and new proposed Regulations on exemptions for a specified period, in order to operationalise the amendments to the Payment Services Act 2019 (“PS Act“) that were passed under the Payment Services (Amendment) Act 2021 (“Amendment Act“) when they come into effect. Comments on the Consultation Paper must be submitted by 8 June 2023.
The Payment Services (Amendment) Bill was passed on 4 January 2021 and subsequently gazetted as the Amendment Act. On the date the Amendment Act comes into effect, the Amendment Act will make several key changes to the PS Act. In particular, the scope of payment services regulated under the PS Act will be expanded. The Amendment Act will also make other changes to the PS Act to align with the enhanced standards adopted by the Financial Action Task Force Standards applicable to digital payment token service providers to address money laundering and terrorism financing risks.
This Update highlights the key proposals in the Consultation Paper.
For more information, click here to read the full Legal Update.
