Glossary > Payment Services Act in Singapour

Payment Services Act in Singapour

What is the Payment Services Act (PSA) in Singapour?

The PSA is a Singaporean law that came into force in January 2020. It regulates payment systems and payment services providers based in the city-state.

Crypto assets, tokens, and VASPs are under the scope of the PSA. The PSA provides a framework for risk assessment and risk mitigation. It also requires VASPs to comply with AML/CTF policies and to apply for a license.

Scorechain recently released guidance on the PSA in Singapore and explains how VASPs can comply with it. Download here.