E-wallet, crypto players show support for Payment Services Bill

Players largely welcomed the new rules on cryptocurrency activities, e-money issuance and money transfers

Published Mon, Nov 19, 2018 · 09:50 PM

Singapore

E-WALLET and cryptocurrency players welcomed - with some degree of reservation - the new regulatory framework for payment services that was unveiled on Monday.

The framework, which will expressly regulate cryptocurrency players for the first time, and place e-wallet players under tighter supervision, was tabled for a first reading in Parliament as part of the Payment Services Bill.

Ong Ye Kung, Minister for Education and board member of the Monetary Authority of Singapore (MAS), introduced the Bill and said it was envisioned to provide a more conducive environment for innovation in payment services, while ensuring that the risks across the payments value-chain are mitigated.

Currently, MAS regulates various types of payment services under the Payment Systems (Oversight) Act (PS(O)A) and the Money-Changing and Remittance Businesses Act (MCRBA), which were enacted in 2006 and 1979 res…