MAS Revises the Technology Risk Management Guidelines

The Monetary Authority of Singapore has revised the Technology Risk Management Guidelines applicable to financial institutions and their third party service providers. The revised Guidelines highlight MAS's increased expectations for cybersecurity controls and their importance in a financial institution's technology development and delivery lifecycle.

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Singapore to Issue New Work Visa to Attract Top-tier Foreign Technology Professionals

Singapore will issue a new work visa (Tech.Pass) to top-tier foreign technology professionals starting from January 2021. Applicants do not need to have pre-arranged employment sponsorship in Singapore and will have greater flexibility in the activities they can undertake while in the country than holders of the current range of work visas.

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Singapore Eases Overseas Transfers of Personal Data

Asia Pacific Economic Cooperation Cross-Border Privacy Rules (CBPR) System and Privacy Recognition for Processors (PRP) system certifications are now recognised by Singapore as one of the modes of data transfer abroad. In its updated Advisory Guidelines on Key Concepts in the PDPA published on 2 June 2020, the PDPC explained that a transfer of an organisation's personal data to a CBPR or PRP accredited recipient meets the criteria of an overseas transfer under the PDPA.

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New Zealand High Court Issues Landmark Cryptocurrency Ruling

In Ruscoe v Cryptopia Ltd, the New Zealand High Court issued a landmark ruling that the cryptocurrencies in question constitute property and were held on trust. In its ruling, the New Zealand High Court provides guidance on how traditional principles of property and trust may be applied to cryptocurrencies.

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New Law Provides Temporary Relief for Inability to Perform Contracts Due to COVID-19

The COVID-19 (Temporary Measures) Act became law on 7 April 2020. Bill in Parliament on the second week of April. The Act offers temporary relief to businesses and individuals who are unable to perform their contracts because of the COVID-19 pandemic. The Act also provides temporary measures for certain matters related to bankruptcy, in-person business meetings, court proceedings, property tax relief and movement of individuals.

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