Blockchain technology promises to deliver innovation across the financial services industry and transform the way we do business…

 

 

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SDAX Executive Director Jayaprakash Jagateesan and SDAX CTO Dominic Morris joined a panel of experts to share their insights on commercialising blockchain in ASEAN during the 6th RHT CABA ASEAN Summit. Check out their conversation on the applicability of blockchain technology, use cases, regulatory frameworks and the tokenisation of digital assets in ASEAN.

 

SINGAPORE (BLOOMBERG) – Singapore is introducing new payments legislation that offers global cryptocurrency firms a chance to expand their operations in the country by applying for operating licences for the first time.

The Payment Services Act, which came into force on Tuesday (Jan 28), is the first comprehensive regulation for companies handling activities ranging from digital payments to trading of tokens such as Bitcoin and Ether. The aim is to safeguard against money laundering and terrorism financing, as well as strengthen consumer protection, cyber security and promote confidence in the use of e-payments.

The Act brings providers of digital payment token services, more commonly known as cryptocurrency dealing or exchange services, into the regulatory fold under the ambit of the Monetary Authority of Singapore (MAS).

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