IN JULY 2020, the Monetary Authority of Singapore (MAS) issued a consultation paper, "The New Omnibus Act for the Financial Sector". Among the regulatory power it seeks to expand, of great significance is the regulation of Virtual Asset (or digital token) Service Providers (VASP) created in Singapore for anti-money laundering and countering of financing of terrorism purposes, regardless of where a VASP conducts its businesses or where its customers are located.

With this proposed new Act, together with the Payment Services Act 2019 and the existing Securities and Futures Act, the regulatory framework for digital tokens and the activities around them have largely been completed. Singapore will become one of the first few countries in the world with clear rules on digital tokens. The legal clarity these Acts provide will put the city state in a good position in promoting inclusive digital finance that is closely associated with the digital tokens.

We believe these Acts can contribute significantly to Singapore's aspiration to be the Global-Asia Node of Technology, Innovation and Enterprise.