Singapore has announced its intention to simplify regulations on payments in a move that will also recognize and cater to the needs of businesses dealing in Bitcoin.
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Singapore Wants ‘Consolidated’ Framework
In a public consultation released today, the Monetary Authority of Singapore (MAS) states its intention to “create a consolidated activity and risk-based regulatory framework.”
This framework will be “forward looking and will provide for licensing, regulation, and supervision of all relevant segments of the payments ecosystem and remittance businesses in Singapore,” the document states.
Currently, the two major payments regulations in Singapore are the result of the decidedly non-consolidated “Payment Systems (Oversight) Act” and the “Money-changing and Remittance Businesses Act,” Finextra reports.
The new package, referred to as the “Proposed Payments Framework” (PPF), simplifies the landscape across the board for businesses, allowing one license to cover multiple forms of transacting, for example.
The public will be able to submit official comments regarding the new regulation until October 31 of this year.
“With technological advancements and the advent of FinTech, the lines between payment systems, SVFs, and remittances are blurring rapidly. This is especially striking for remittance,” the consultation paper continues.
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