On 30 August 2023, the Monetary Authority of Singapore (MAS) published an information paper on “Strengthening AML/CFT Controls and Practices to Detect and Mitigate Risks of Misuse of Legal Persons/Arrangements and Complex Structures”. In this information paper, the MAS highlights the ongoing risk of illicit misuse of legal persons and complex structures within the financial […]

On Monday, 3 July 2023, the Monetary Authority of Singapore (MAS) announced plans to further protect consumer interests in the digital payment tokens (“DPTs”) sector. Part 1 of the MAS’ response to the Public Consultation on Proposed Regulatory Measures for DPT Services published in October 2022, covered in this paper, focuses on the requirements for […]

Laws such as the Securities and Futures Act as well as the Financial Advisers Act have been crafted, modified, and updated to help regulate the financial sector in Singapore. These laws are combined to form a single modular licensing model and an integrated regulatory framework that provides industry participants with a sound and transparent set […]

The first step for payment service providers is to understand the regulatory classification of the payment service(s) they are providing, including to consider whether they may require a license beyond payment services such as a license for dealing in securities. There are 6 different kinds of payment service activities [1] under the Payment Services Act […]

On 30 December 2020, the Singapore terrorism financing (TF) national risk assessment (NRA) was published. This report is a joint effort by the Risks and Typologies Inter-Agency Group (RTIG), led by the Ministry of Home Affairs (MHA) and the Monetary Authority of Singapore (MAS) further enhanced by the involvement of the private sector and academia […]

Under the Payment Services Act 2019 (the “PS Act“)_a digital payment token (“DPT“) “is, or is intended to be, a medium of exchange accepted by the public, or a section of the public, as payment for goods or services or for the discharge of a debt”[1] which “is not denominated in any currency, and is […]

Regulatory technology (“regtech”), a subset of financial technology (well known as “fintech”), seeks to achieve better regulatory outcomes through the use of technology. Regtech has been used by financial institutions for decades; for example, WorldCheck, a well-known tool used to screen customers. In recent years, regtech gained increasing traction among financial institutions for the efficiency […]

COVID 19 has caused significant turbulence in the global markets. Global stock markets have yet to recover and traditional assets are less attractive in the current situation. However, a potential bright spark could be seen in the crowdfunding space. As fall-out from COVID 19 has placed enormous pressure on businesses, numerous reports have been compiled […]

Inefficiencies of the Blockchain A digital token’s blockchain functions much like the Torrens land titles register system. If the digital token’s blockchain, a register of digital assets (the “Register” or the “Blockchain“), reflects the user’s digital payment tokens (“DPTs“), the user’s ownership is proved. The assets are recorded in addresses (the “Address“) on the Register […]