Category: Compliance

Singapore is committed to working closely with international and domestic stakeholders to prevent, detect, and enforce against ML. As an international business, financial and trading centre, Singapore must remain vigilant to the fast-evolving ML threat landscape and criminal methods and ensure that our AML regime and defences keep pace with these changes. Singapore is therefore Read more

The following 49 entities have been exempted from holding a license under the 2019 Payment Services Act (PS Act) to provide digital payment token services. The participants include a variety of entities: Congratulations to all the participating entities! This milestone highlights Singapore’s growing interest as a Web3 hub and will promote job opportunities in the Read more

The Monetary Authority of Singapore (MAS) imposed a combined fine of 2.5 million SGD on Swiss Asia Financial Services Pte Ltd for violations of anti-money laundering and counter-terrorism financing regulations and issued warnings to its CEO and COO. During the MAS inspection, violations included: Read more

🚀 MAS new requirement for legal opinion and compliance / IT auditor assessment inputs to be provided during PSA license application. 3 cheers!!! More collaborations between industry players and professional services firms To ensure greater clarity, better facilitate application reviews and enhance efficiency of the licensing process, the Monetary Authority of Singapore (“MAS”) will be Read more

Global stablecoins (GSCs), which are stablecoins that could be widely used as a means of payment and/or store of value across multiple jurisdictions, could pose significant risks to financial stability. The collapse and de-peg of certain stablecoins since the outbreak of the crypto-asset market turmoil in 2022 highlights the potential fragility of stablecoins that are Read more

Preparation for MiCA: Data will be at the heart of your preparation for MiCA. We created this guide to help you understand the upcoming requirements and adapt your data strategy. We will outline MiCA’s scope, requirements, and challenges and at the end provide several case studies showing how Crypto Asset Service Providers (CASPs) and regulators Read more

Singapore has strict and clear compliance regulations by the Monetary Authority of Singapore (MAS) in place for digital payment token service providers (DPTsp). The major payment institution (MPI) license is required by digital payment token service providers (DPTsp). In April 2024, Monetary Authority of Singapore (MAS) expanded the MPI’s coverage of digital payment tokens to Read more