MAS has announced three initiatives aimed at promoting the secure and innovative adoption of digital currency in Singapore. These initiatives seek to address potential risks and enhance consumer protection in the digital payment landscape. The first initiative involves the introduction of a new regulatory framework that will require digital payment token service providers to obtain a license. This will ensure that these providers adhere to robust anti-money laundering and counter-terrorism financing measures. The second initiative focuses on strengthening the protection of consumers by extending the scope of the Payment Services Act to cover more types of digital payment services. Lastly, MAS plans to establish a new research and development facility to foster collaboration between industry players and academia in the development of digital currency solutions. These initiatives demonstrate MAS’s commitment to promoting a safe and innovative digital payment ecosystem in Singapore.
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