Payment Services Act 2019

The Payment Services Act (PSA) unifies and streamlines the regulatory requirements for various payment services provided in Singapore, including electronic payments and cryptocurrency dealing and exchange services.

The PSA has the scope to regulate the following seven activities: (1) account issuance services, (2) domestic money transfer services, (3) cross-border money transfer services, (4) merchant acquisition, (5) electronic money issuance, (6) digital payment token services and (7) money-changing services. The Monetary Authority of Singapore (MAS) is defined as the Authority under the PSA.
Under the PSA, providers of cryptocurrencies and cryptocurrency exchange services must obtain a license from MAS to operate.

All payment service providers holding a license under the Payment Services Act must meet anti-money laundering and countering the financing of terrorism (AML/CFT) requirements imposed by the MAS on relevant licensees. The MAS has issued two sets of AML/CFT guidelines, respectively applicable to the digital payment token service and other payment services.