The Monetary Authority of Singapore (MAS) has announced the commencement of the city-state’s new Payment Services Act. The law mandates the implementation of a licensing regime that applies to payment providers, exchanges and other platforms dealing with cryptocurrencies. Their operators are obliged to meet anti-money laundering and counter-terrorism financing regulations.

Also read: Uzbekistan Prepares Crypto Tax Exemptions, Launches Licensed Exchange

Payment Services Bill Expands Regulatory Scope to Cover Cryptocurrencies

In a press release published Tuesday, MAS insists that the Payment Services Act (PSA) will “enhance the regulatory framework for payment services in Singapore, strengthen consumer protection and promote confidence in the use of e-payments.” The enforcement of the new law, which was adopted last year, repeals and replaces two other acts, the Money-changing and Remittance Businesses Act and the Payment Systems (Oversight) Act.

Singapore Introduces Licensing for Crypto Platforms, New Payment Services Now Act in Force

According to the announcement, the licensing framework adopted with the new…

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