Singapore releases Second Edition of the Model Artificial Intelligence Governance Framework

Singapore released the Second Edition of the Model Artificial Intelligence Governance Framework on 21 January 2020. The second edition incorporates the experiences of organisations that have adopted AI and feedback from Singapore's participation in leading international platforms on AI.

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27 February Filing Deadline for Temporary Payment Services Licence Exemptions

Singapore's Payment Services Act 2019 (PSA) will become effective on 28 January 2020. Companies providing certain payment services before that date can qualify for a temporary exemption from the requirement to hold a PSA licence—and thus continue to provide those services without interruption while they apply for a licence—by filing a notice with the Monetary Authority of Singapore on or before 27 February 2020.

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MAS consults on scope of e-money and digital payment tokens in the Payment Services Act 2019

On 23 December 2019, the Monetary Authority of Singapore published a Consultation Paper seeking the public's comments on the regulatory framework for e-money and digital payment tokens under the Payment Services Act 2019, considering the emergence of stablecoins.

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MAS Proposes to Regulate More Token and Money Transfer Services Under the Payment Services Act

The Monetary Authority of Singapore published a consultation paper on proposed amendments to the Payment Services Act that would expand its scope to include digital payment token services and money transfer services that do not occur in Singapore or where the service provider does not possess the money or tokens being transmitted. The amendments are in line with global standards on anti-money laundering and countering the financing of terrorism measures set out by the Financial Action Task Force. The amendments would also authorise MAS to impose customer protection measures on providers of digital payment token services.

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MAS Consults on the Proposed Regulatory Approach for Derivatives Contracts on Payment Tokens

On 20 November 2019, the Monetary Authority of Singapore published a consultation paper on its proposed approach under the Securities and Futures Act (SFA) for derivative contracts that uses payment tokens as underlying assets (Payment Token Derivatives). It also seeks the view of the public on the proposed amendments to the SFA that will reflect the intended regulatory scope of Payment Token Derivatives.

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