Hey guys, welcome back to Zilliqa Zebra. In this video, learn about Singapore's Payment Services Act and how it impacts you as a cryptocurrency investor or trader.
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The PSA came into effect in January 2020. It broadens the scope from the existing PSA, aimed at enhancing the regulatory framework for payment services in Singapore, which includes operating as a provider for digital payment token services, and other crypto services.
The PSA is enacted to ensure that payment structures put in place anti-money laundering (AML) and combating-financial terrorism (CFT) safeguards
To obtain the licence, virtual asset service providers are required to put controls in place to ensure proper due diligence, suitable solicitation, and adequate risk disclosure. All providers of digital payment token services operating in Singapore, including crypto exchanges, must be registered and licensed.
Currently, popular cryptocurrency exchanges in Singapore such as Coinhako, Gemini, Huobi are all operating under the PSA exempt framework. Consumers can check this site to see if the service providing crypto digital tokens has applied for a licence.
The central bank’s approvals serve as an encouraging sign to other firms awaiting clearance from the MAS, as the city-state moves towards a fully regulated digital payments sector. The regulation is set to promote greater use of payment tokens which can reduce settlement time and costs, bringing digital payment tokens into mainstream use.
The move to formalise cryptocurrency payment services also grants the Singapore government greater oversight and control over activities. As licensed entities, customers are assured of the central bank’s purview over the companies’ operations, which makes it a better safeguard for users. The central bank is likely to take any company to task if it is not compliant with any regulatory standards.
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