MAS published second consultation on the proposed payments regulatory framework, known as the Payment Services Bill. The new framework will expand the scope of regulation to include domestic money transfers, such as transferring money through payment kiosks; merchant acquisition, such as acquiring transactions through a point-of-sale terminal or online payment gateway; and the purchase and sale of virtual currencies. Comments are invited till January 08, 2018.
The Payment Services Bill will streamline the regulation of payment services under a single legislation; expand the scope of regulated payment activities to include virtual currency services and other innovations; and calibrate regulation according to the risks posed by these activities. The bill will differentiate regulatory requirements according to the risks that specific payment activities pose rather than apply a uniform set of regulations on all payment service providers, to help ensure that the expanded scope of regulation is not onerous. The bill will also empower MAS to regulate payment services for money-laundering and terrorism financing risks; strengthen safeguards for funds belonging to consumers and merchants; set standards on technology risk management; and enhance interoperability of payment solutions across a wider range of payment activities.
Comment Due Date: January 08, 2018
Keywords: Asia Pacific, Singapore, PMI, Payment Services Bill, Payments Regulatory Framework, MAS
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