In this client update, we highlight the one key proposed regulatory change by the Monetary Authority of Singapore (“MAS”) to expand the scope of regulation of virtual assets service providers ) (“VASPs”) to align Singapore’s anti-money laundering and countering the financing of terrorism (“AML/CFT”) regulation with the enhanced Financial Action Task Force (“FATF”) standards. We highlight three key takeaways:
- Expansion to cover more virtual assets to align with the FATF rules;
- Widened Regime of types of Regulated Activities under the Omnibus Act; and
- Regulation of Digital Token Service Providers Conducting Regulated Activities outside of Singapore.
To read full client update, please click here.