As of today, the Payment Services Act has come into effect. The goal of this act is to regulate “payment systems and payment service providers”. The Monetary Authority of Singapore will achieve this by limiting the number of payment services, requiring providers of such solutions to hold a license. This new regulation will bring more competition in the payments industry by giving smaller providers more room to innovate, which will eventually reinforce Singapore’s position on the world stage. The act also puts all digital payment tokens under the supervision of MAS which will limit how much can be held in digital wallets and the amount that can be transferred to third party bank accounts within a year.
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