Singapore’s new payment services regulations include crypto coverage

Singapore is proactively working to implement changes that will foster a positive environment in which cryptocurrencies can flourish in the country. In October, the Monetary Authority of Singapore (MAS) announced an effort that was meant to bring banks and crypto operators together and, now, the country is introducing new payment services regulations that will cover crypto exchanges, as well.

According to a publication on the government’s website, a new bill looks to introduce regulatory framework that will give the MAS the ability to regulate seven types of payment services. Among them is cryptocurrency payment token services. That bill, the Payment Services Bill, has already made its first appearance in front of Parliament.

The bill looks to expand the control of regulated payment services given to the MAS. It specifically authorizes the agency to regulate payment services in relation to several risks, including money laundering and terrorism financing, limitations to interoperability, loss of consumer or merchant funds due to insolvency and risks associated to cyber-attacks.

The bill is divided into two parts—the designation framework for payment systems and the licensing framework for payment service providers. The first framework will give the MAS the ability to assign particular payment systems, as well as to regulate operators and settlement institutions. The second authorizes the MAS to regulate payment services provisions, including account issuance, cross-border and domestic money transfers, eCommerce issuance services and merchant acquisition services, among others.

The bill specifically defines a “digital payment token service” as the practice of “buying or selling digital payment tokens (commonly known as cryptocurrencies), or providing a platform to allow persons to exchange digital payment tokens in Singapore.”

According to the bill, “To ensure that the objects of the Bill are met, MAS will have general powers over all regulated entities, including powers to conduct inspections and investigations, and emergency powers. The Bill will require regulated entities to comply with general requirements relating to corporate governance, capital adequacy and business conduct.”

The move could help Singapore take a leading spot among the jurisdictions favorable to cryptocurrency’s future role as a viable alternative to fiat. It could also assist the country in becoming the first country to fully accept cryptocurrency, as it said it wanted to do this past September.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.

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BitPay continues to innovate and enhance the cryptocurrency ecosystem

Only a couple of weeks ago, the blockchain-based payment services company BitPay announced that it had incorporated into its platform the ability for merchants to receive payouts in Bitcoin BCH. It was just the latest example of how the company is striving to stay at the forefront of innovation in order to drive cryptocurrency adoption around the world. BitPay is working tirelessly to help create a worldwide payment system that is efficient, user-friendly and adaptable, and is constantly exploring new ideas and options to help shape the digital currency market of tomorrow.

Since the end of last year, BitPay has implemented the Bitcoin Payment Protocol, BIP70, as the standard for paying BitPay invoices. BIP70 is an enhanced protocol that allows for better communication between a merchant and their customer and provides better security against man-in-the-middle attacks during the payment process. That change took the error rate down to 0.27%.

BIP70 also works to ensure that transactions are conducted only for the proper amount, helping to avoid payment mistakes. Payments that are too large or too small, or that take too long to arrive can be rejected and refunded thanks to BIP70.

Things weren’t always so great at the company. Last year, it fell behind in customer service due to the explosive growth of cryptocurrencies, but quickly righted the ship and got back on course. Now, user requests receive a response within two hours and a complete answer within 24 hours. The customer support team, which now is 500% larger, is available 24 hours a day, seven days a week and is dedicated to providing the best customer experience possible. As of its most recent evaluation, BitPay reports that only 1.4% of all BitPay invoices need any assistance from the company’s Customer Success team.

In an effort to stay ahead and ensure that the Customer Success team is able to handle the amount of traffic adequately and provide top-level responses, BitPay is now launching four new initiatives. It is going to have a staff component of subject matter experts, another of customer success engineers and a third component of customer success managers. The fourth component centers on a support form that is updated more frequently to provide real-time answers to common questions.

The cryptocurrency industry is losing its “Wild West” image. It may take a while, but evidence is seen of this every day, especially through advances such as those offered by BitPay.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.

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