Singapore Payment Services Act (PSA) - Digital Payment Token Regulation
Singapore's Payment Services Act (PSA, 2019, amended 2024) establishes a comprehensive licensing framework for payment services including digital payment token (DPT) services. Administered by the Monetary Authority of Singapore (MAS). Key requirements include: Major Payment Institution (MPI) licence for large-scale DPT services, Standard Payment Institution (SPI) licence for smaller operations, user protection requirements, AML/CFT compliance, technology risk management (MAS TRM Guidelines), and cyber hygiene. MAS has also issued PS-N02 (Notice on Prevention of Money Laundering and Countering the Financing of Terrorism for DPT Services) and Guidelines on Provision of Digital Payment Token Services to the Public.
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Framework Domains (5)
AML/CFT
| Code | Title |
|---|---|
| SGPSA-2 | AML/CFT Risk Assessment and Customer Due Diligence |
Consumer Protection
| Code | Title |
|---|---|
| SGPSA-5 | Customer Protection, Disclosures, Marketing Restrictions |
Cybersecurity
| Code | Title |
|---|---|
| SGPSA-4 | Cybersecurity and Technology Risk for DPT Service Providers |
Licensing
| Code | Title |
|---|---|
| SGPSA-1 | Licensing for Digital Payment Token Services |
Travel Rule
| Code | Title |
|---|---|
| SGPSA-3 | Travel Rule and Wire Transfer Information |
Frequently Asked Questions
What is Singapore Payment Services Act (PSA) - Digital Payment Token Regulation?
Singapore Payment Services Act (PSA) - Digital Payment Token Regulation is a compliance framework from Singapore (MAS) with 5 domains and 5 controls. Singapore's Payment Services Act (PSA, 2019, amended 2024) establishes a comprehensive licensing framework for payment services including digital payment token (DPT) services. Administered by the Monetary Authority of Singapore (MAS). Key requirements include: Major Payment Institution (MPI) licence for large-scale DPT services, Standard Payment Institution (SPI) licence for smaller operations, user protection requirements, AML/CFT compliance, technology risk management (MAS TRM Guidelines), and cyber hygiene. MAS has also issued PS-N02 (Notice on Prevention of Money Laundering and Countering the Financing of Terrorism for DPT Services) and Guidelines on Provision of Digital Payment Token Services to the Public. It is used by organisations to establish and maintain compliance with industry standards and regulatory requirements.
How many controls does Singapore Payment Services Act (PSA) - Digital Payment Token Regulation have?
Singapore Payment Services Act (PSA) - Digital Payment Token Regulation has 5 controls organised across 5 domains. The largest domains are AML/CFT (1 controls), Consumer Protection (1 controls), Cybersecurity (1 controls). Each control defines specific requirements that organisations must implement to achieve compliance.
What frameworks does Singapore Payment Services Act (PSA) - Digital Payment Token Regulation map to?
Singapore Payment Services Act (PSA) - Digital Payment Token Regulation does not currently have cross-framework mappings in our system. Check back as we continuously expand our mapping database.
How do I get started with Singapore Payment Services Act (PSA) - Digital Payment Token Regulation compliance?
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