In February 2022, the Financial Services and Markets Bill (“Bill“) was tabled in the Singapore parliament. The Bill aligns Singapore legislation with the enhanced standards adopted by the Financial Action Task Force, which require jurisdictions to regulate virtual asset service providers (“VASPs“) to mitigate money laundering and terrorism financing risks (ML/TF risks). VASPs based in Singapore that provide digital token (“DT“) services outside Singapore will be subject to licensing and supervision to ensure that the Monetary Authority of Singapore (MAS) has adequate oversight.
In an article titled “Singapore VASPs subject to enhanced regulation”, partners Regina Liew (Head, Financial Institutions Group) and Sriram Chakravarthi (Partner, South Asia Desk) from Rajah & Tann Singapore discuss the new regulations, ranging from who the Bill covers, how DT services are defined, and what requirements must be satisfied by an applicant for a DT service provider licence.
For more information, click here to read the full Authored Publication.
