Overview of Singapore's Payment Services Act

Singapore's new Payment Services Act consolidates current regulatory frameworks for payments into a unified, expanded framework intended to align the payments ecosystem with the country's Smart Nation vision. The Act focuses on retail payment activities by service providers that deal directly with consumers or merchants. The Act implements an activity-based, risk-calibrated approach to regulation and a consolidated, enhanced licensing scheme.

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Singapore International Commercial Court Decides First Case Involving Digital Tokens

The Singapore International Commercial Court has decided the nation's first case featuring digital tokens. In B2C2 Ltd v Quoine Pte Ltd, the SICC found that Quoine, a Singapore-based digital token exchange operator, committed breach of contract and breach of trust when it reversed seven trades worth about S$16.5 million that were executed under unusual circumstances by B2C2, an algorithmic trader.

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Singapore PDPC Issues Data Portability Discussion Paper

Singapore's Personal Data Protection Commission, in collaboration with the Competition and Consumer Commission of Singapore, issued a discussion paper on data portability. Data portability is the right of individuals to obtain copies of their data from companies that hold them and to instruct those companies to transmit their data to other companies. The Paper is intended to provide a framework for discussions of the effects and operational considerations related to data portability, with a view to informing future consultations concerning Singapore's potential adoption of a data portability right.

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Singapore Announces Consultation on Model Artificial Intelligence Governance Framework

Singapore's Info-Communications Media Development Authority has published A Proposed Model Artificial Intelligence Governance Framework. The Model Framework seeks to provide guidance to organisations that incorporate AI solutions into their products and services on ways to approach those issues that will inspire consumer confidence and enhance regulatory compliance. The Model Framework is voluntary guidance intended to promote thoughtful and responsible implementation of AI solutions.

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MAS Revises Its Guide to Digital Token Offerings in Singapore

The Monetary Authority of Singapore published an updated version of A Guide to Digital Token Offerings. The Guide provides general guidance on the application of the securities laws to offers or issues of digital tokens in Singapore, discusses the potential application of the new Payment Services Act to certain digital tokens and related activities and offers a significantly expanded discussion of anti-money laundering requirements as they apply to digital token offerings.

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