The Payment Services Act refers to legislation enacted to regulate providers of payment services, including those dealing with electronic money and digital payment tokens. This act typically establishes comprehensive licensing requirements, operational standards, and consumer protection measures for entities offering such services. Its objective is to foster a secure, efficient, and reliable payment ecosystem. Compliance is mandatory.
Context
The Payment Services Act in various jurisdictions, such as Singapore, provides a robust regulatory framework for digital asset businesses operating as payment service providers. Adherence to such acts is a major focus for firms seeking to offer regulated cryptocurrency payment solutions. This legislation shapes the digital payments landscape.
Japan's FSA is moving crypto to the FIEA perimeter, mandating new disclosures and market abuse controls to align digital assets with traditional securities law.
The MAS finalized its DTSP regime, eliminating regulatory arbitrage by requiring licensing for entities serving foreign clients from a Singapore base by June 2025.
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