Singapore

Increased complexity in Singapore’s payments infrastructure, alongside some regulatory overlap, has prompted the Monetary Authority of Singapore (MAS) to propose a new regulatory framework for payment providers.

First Published by e-Forex News: October, 2016

Increased complexity in Singapore’s payments infrastructure, alongside some regulatory overlap, has prompted the Monetary Authority of Singapore (MAS) to propose a new regulatory framework for payment providers. This would have the effect of extending regulation to cover digital currency exchanges. The MAS is already trialling a blockchain-based record-keeping system, as part of an initiative begun in mid- 2015 to develop and implement new fi ntech solutions. The MAS has stated a commitment to regulatory fl exibility in the face of technological upheaval in the payments industry