Monetary Authority of Singapore releases new user protection rules for digital payment token companies

The Monetary Authority of Singapore has revised the Payment Services Act and its subsidiary legislation to expand the scope of central bank regulation of payment services. The statement notes that the Monetary Authority of Singapore will impose user protection and financial stability requirements on digital payment token (DPT) service providers. The amendment will authorize the Monetary Authority of Singapore to impose requirements related to anti-money laundering and counter-terrorism financing, user protection, and financial stability on digital payment token (DPT) service providers, and this provision will be phased in from April 4.