Singapore's MAS updates Payment Services Act to expand digital payment token regulation, targeting money laundering and terrorism financing.

Singapore's Monetary Authority (MAS) updates Payment Services Act to expand regulation on digital payment token service providers, aiming to prevent money laundering and terrorism financing. The amendments will bring more activities under regulation, including custodial services for digital payment tokens, facilitation of the transmission and exchange of digital payment tokens, and facilitation of cross-border money transfer between different countries.