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ARTICLE · 29 MAY 2020

Cryptocurrencies & Fintech Regulatory Update

CNPLaw LLP
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In our earlier CNPupdate article published on 22 February 2020, we discussed the regulatory approach to cryptocurrency in Southeast Asia. This article seeks to provide an update on the regulatory....

SingaporeTechnology
Quek Li Fei
Quek Li Fei
Nicholas Kwa
Nicholas Kwa
In our earlier CNPupdate article published on 22 February 2020, we discussed the regulatory approach to cryptocurrency in Southeast Asia. This article seeks to provide an update on the regulatory developments within Southeast Asia, in particular, Singapore, Malaysia and Thailand.

Singapore

Under the Payment Services Act (the "PS Act") which came into effect on 28 January 2020, providers of digital payment token dealing and digital payment token exchange services will be required to apply for a major payment institution licence or a standard payment institution licence, under which the licensees will be regulated for anti-money laundering ("AML") and counter financing of terrorism ("CFT") purposes and will be required to put in place policies, procedures and controls to address money laundering and terrorism financing risks.

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This update is provided to you for general information and should not be relied upon as legal advice.

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