Rajah & Tann Singapore Contributes Article on Enhanced Regulation for Singapore Virtual Asset Service Providers (VASPs) to India Business Law Journal
In February 2022, the Financial Services and Markets Bill (“Bill“) was tabled in the Singapore parliament. The Bill aligns Singapore legislation with the enhanced standards adopted by the Financial Action Task Force, which require jurisdictions to regulate virtual asset service providers (VASP) to mitigate money laundering and terrorism financing risks (ML/TF risks). VASPs based in Singapore that provide digital token (DT) services outside Singapore will be subject to licensing and supervision to ensure that the Monetary Authority of Singapore (MAS) has adequate oversight.
In an article titled “Singapore VASPS subject to enhanced regulation”, partner Regina Liew (Head, Financial Institutions Group) from Rajah & Tann Singapore discusses the new regulations, ranging from who the Bill covers, how DT services are defined, and what requirements must be satisfied by an applicant for a DT service provider licence.
The article was published in the India Business Law Journal, a leading legal magazine in the region. To read the article, please click here.