Coinspace | Singapore to Enforce the Payment Services Act on January 30

The government of Singapore, through the Monetary Authority of Singapore (MAS), is set to actualize the Payment Services Act 2019 (PSA) that will begin this 30th of January. The new law means to propel the development of digital money and unified exercises in the region.

“The Payment Services Act provides a forward-looking and flexible regulatory framework for the payments industry. The activity-based and risk-focused regulatory structure allows rules to be applied proportionately and to be robust to changing business models. The PS Act will facilitate growth and innovation while mitigating risk and fostering confidence in our payments landscape,” said Loo Siew Yee, MAS Assistant Managing Director.

Read more at: https://coinspace.com/news/legal/singapore-enforce-payment-services-act-january-30