Amitoj Singh is a CoinDesk reporter.
The changes were passed in parliament in 2021 but Singapore’s central bank made the changes live only on Tuesday.
The change in scope also includes cross-border money transfers even when the money is not accepted or received in the city-state, and the facilitation of the transmission of crypto between accounts and exchanges,was passed in 2021 with amendments to the Payment Services Act , the framework to regulate payment service providers. It was supposed to be enacted in the fourth quarter of 2021, but the MAS made the changes live only on Tuesday.
The amendments would impose user protection and financial stability-related requirements on digital payment tokens or cryptocurrency service providers.
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