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(MAS, Under the Payment Services Act, any entity that provides any type of payment service needs a license entitling the entity to carry on a business providing that type of payment service, unless otherwise exempted. 2 of 2019) (PS Act) in December last year seek to expand the scope of DPT services to include the transfer of DPTs, safeguarding or administration of DPT or DPT instruments, and inducement of persons to enter into agreements with a view to buy or sell DPTs.As illustrated below, the proposed scope of digital token services under the New Act is closely aligned to the proposed widened definition of DPT service under the PS Act.To achieve that, the Consultation Paper proposes the creation of a new class of financial institutions namely, digital token (DT) service providers (persons who provide “DT service”), which will be regulated under the New Act.The scope of DT services will include services that ‘actively facilitate’ regulated activities, and is proposed to be defined as:A DT service provider that is a company incorporated in Singapore, and which carries on a business of providing any DT service outside of Singapore, must be licensed under the New Act.MAS proposes to regulate DT service providers through licensing and ongoing requirements. COVID-19 Updates. Thank you for your patience as we continue to navigate the COVID-19 pandemic. Vice President, Records Management & Chief Privacy Officer When it comes to hiring, Daikin America focuses on people-centered management. Use of the link to the IMF exchange rate website and access to such linked website is entirely at your own risk. In exercise of the powers conferred by section 126 of the Monetary Authority of Singapore Act, the Deputy Prime Minister and Coordinating Minister for Economic and Social Policies, Prime Minister’s Office, Mr Tharman Shanmugaratnam, who is charged with the responsibility for the portfolio of the Prime Minister as regards the Monetary Authority of Singapore, makes the following Regulations: If you would like to learn how Lexology can drive your content marketing strategy forward, please email "Working in a company with international operations I very much appreciate your cross section of coverage. The White-Slave Traffic Act, also called the Mann Act, is a United States federal law, passed June 25, 1910 (ch. Visit COVID-19 Resources for updates and digital learning resources to assist students, … In particular, it is proposed that the AML/CFT requirements will be aligned with those currently imposed on DPT service providers under the PS Act.MAS intends to provide a grace period to entities who are currently incorporated or formed in Singapore and that are wholly carrying on regulated DT services outside of Singapore.Currently, MAS imposes technology risk management requirements through the respective existing Acts. “The Payment Services Act provides a forward-looking and flexible regulatory framework for the payments industry,” MAS Assistant Managing Director Loo Siew Yee said in a statement. This includes having at least one executive director who is resident in Singapore, incorporation in Singapore, having a permanent place of business in Singapore, satisfying financial requirements, and having the relevant persons be fit and proper.Apart from licensing and ongoing requirements, MAS proposes to subject all DT service providers to Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) requirements.
The Monetary Authority of Singapore (MAS) launched a public consultation on 21 July 2020 on a new omnibus Act for the financial sector. The MAS Register of Representatives (the “Register”) is a public record of individuals who conduct regulated activities under the Securities and Futures Act and provide financial advisory services under the Financial Advisers Act.
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