Legal Update: Proposed Expansion of Regulated Digital Token Service Providers

Legal Update: Proposed Expansion of Regulated Digital Token Service Providers
22 Sep 2020

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:

  1. Expansion to cover more virtual assets to align with the FATF rules;
  2. Widened Regime of types of Regulated Activities under the Omnibus Act; and
  3. Regulation of Digital Token Service Providers Conducting Regulated Activities outside of Singapore.

To read full client update, please click here.

For further information contact:

Claudia Teo
Partner & Head, Corporate and Financial Services
claudiateo@harryelias.com
+65 6361 9845

Terence Teoh
Associate
terenceteoh@harryelias.com
+65 6361 9335

Lois Tan
Associate
loistan@harryelias.com
+65 6361 9831

For more information, please contact our Business Development Manager, Ricky Soetikno, at rickysoetikno@harryelias.com.

Contact: 

Claudia Teo

Partner
Head, Corporate and Financial Services
T: 
+65 6361 9392
F: 
+65 6438 1788
E: 
ClaudiaTeo@harryelias.com
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