Recent developments in FinTech have transformed Singapore’s landscape for payment, remittance and digital token services. In the Monetary Authority of Singapore's efforts to promote e-payments in Singapore, the Payment Services Act (“PSA”) came into effect on 28 January 2020 to regulate the payment ecosystem, covering seven regulated payment activities.
With the commencement of the PSA, there will be a significant impact on the industry, specifically for businesses providing the following services:
• Digital payment tokens service
• E-money / E-wallet
• Cryptocurrency exchanges and platforms
To provide guidance to business owners in understanding the regulatory requirements of the PSA, ACCESS and Crowe Singapore will be organizing a complimentary webinar on Friday, 25 September 2020 at 4:00pm.
• What are the focus areas for regulatory compliance?
• What are the tax considerations for PSA applicants?
• What are the key audit challenges?
• How do you navigate the requirements of Technology Risk Management?
• How do you maintain documentation and assess effectiveness of internal controls?
About Crowe Singapore
A member of Crowe Global – the eight largest accounting network in the world, Crowe Singapore is an award-winning firm that leverages its core strengths in audit, tax and accounting to provide a full suite of professional services, serving the needs of public-listed entities, multinational corporations and financial institutions.
Crowe Singapore has also developed niche services like Digital Advisory, Fund Administration and Private Wealth Services, uniting its strengths across its different practices to provide integrated solutions that meet the evolving requirements of its clients.
Firmly anchored on building trusted client relationships and through its depth and breadth of integrated solutions – which are still growing with clients’ needs, Crowe Singapore aims to lead the industry - as an enabler of smart decisions that create lasting value.
ACCESS, The Association of Cryptocurrency Enterprises and Start-ups, Singapore has developed a Code of Practice (COP), and accompanying guidelines, which sets out the industry standards of anti-money laundering and counter financing of terrorism measures that crypto-firm may wish to comply. The COP is developed in consultation with the Association of Banks (ABS) and facilitated by the Monetary Authority of Singapore (MAS). To know more about the COP, please read more here: https://bit.ly/35AGMKJ