Regulatory And Other Developments In Singapore On Cryptocurrency And Bitcoin Exchanges

In our earlier CNPupdate article published on 9 May 2018, we discussed the regulatory approach to cryptocurrency and bitcoin exchanges in Singapore. In this article, we look at the regulatory developments following the commencement of the Payment Services Act 2019 ("PS Act") on 28 January 2020.

Along with the PS Act, the following key regulations relating to the new payment services framework have also come into effect on 28 January 2020:-

• Payment Services Regulations 2019;
• Payment Services Composition of Offences Regulations 2019;
• Payment Services (Exemption for Specified Period) Regulations 2019;
• Payment Services (Saving and Transitional Provisions) Regulations 2019;