The Singaporean authority is doing all its best to ensure a maximum oversight of the country’s blockchain industry is achieved.

Based on a recent report, the central bank of Singapore announced the completion of its new regulatory framework for payment services. The bank noted that cryptocurrency was also included in this new regulatory framework.

The New Regulatory Framework

According to the announcement, cryptocurrency was not included in the original regulatory framework for payment services. As a result of this, all Crypto payment service providers in the country are now mandated to apply for licensing and also follow the guidelines listed in this new regulatory framework.

According to the Monetary Authority of Singapore (MAS), the new framework will help bring about a well governed and conductive environment targeted at making it possible for payment services innovations to thrive in the country. The framework will also help address risky situations as well as provide solutions targeted at addressing this.

According to a recent report, the new framework bill was submitted to parliament by Education Minister and MAS board member Ong Ye Kung.

All Payment Service Providers Included

According to the report, Cryptocurrency service providers which have never found their place in the old regulation, are expected to get licensed under the new framework.

Based on a report from a local news outlet, the framework “ is expected to affect electronic wallets and digital payment tokens such as Grabpay, Bitcoin and Ethereum, ”

The report further stated that:

“Activities to be regulated by the bill include the issuing of accounts and electronic money, the transfer of money within and out of Singapore, the acquisition of merchants who will use their platform, money changing, and the dealing in an exchange of digital payment tokens such as bitcoin.”

According to the new regulatory framework, it was made known that all currently unlicensed payment service providers are expected to get licensed and comply with the rules and guidelines of the new framework within 12 months. Other are expected to change their rulebook to the current one.