The Monetary Authority of Singapore has issued new user protection regulations for digital payment token companies

ChainCatcher message, according to a statement, the Monetary Authority of Singapore has revised the Payment Services Act and its subsidiary legislation to expand the scope of central bank regulation over payment services. The statement noted that the MAS will implement user protection and financial stability-related requirements for digital payment token (DPT) service providers.

The amendments will empower the Monetary Authority of Singapore to impose requirements related to anti-money laundering and counter-terrorism financing, user protection, and financial stability on digital payment token (DPT) service providers, with the regulation set to take effect in phases starting from April 4.