Legal Update: Proposed Expansion of Regulated Digital Token Service Providers
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.
For further information contact:
Partner & Head, Corporate and Financial Services
+65 6361 9845