Singapore - MAS issues Guide on the Payment Services Act 2019
2 July 2020
The MAS has just issued its 'Guide to the Essential Aspects of the Payment Services Act 2019' (the "Guide").
The Guide helpfully sets out an overview of the Payment Services Act 2019 ("PS Act"), licensing requirements for payment services providers, requirements for designated payment system entities, risk mitigating measures, and licensing exemptions available.
We would note that in paragraph 2.3.2, the MAS acknowledges the emergence of stablecoins as a new class of cryptocurrencies which could potentially challenge the prevailing concept of money. In light of this, the MAS will continue to participate in international work on the regulation of stablecoins, and monitor trends and developments in payment services, including stablecoins.
The Guide is available here.