MAS seeks further public feedback on proposed payments regulatory framework

SINGAPORE (Nov 21): The Monetary Authority of Singapore (MAS) on Tuesday launched a second public consultation on its proposed payments regulatory framework, which seeks to streamline the regulation of payment services under a single legislation.

The Payment Services Bill will also expand the scope of regulated payment activities to include virtual currency services and other innovations, as well as calibrate regulation according to the risks posed by these activities.

“We want to put in place a forward-looking regulatory regime to encourage wider adoption of secure e-payment solutions,” says MAS Managing Director Ravi Menon.

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