Summary
TLDR: Amendments to the Payment Services Act were passed in 2021 to regulate payment service providers, but only implemented by MAS on Tuesday. The cryptocurrency sector has been in turmoil since 2021, with regulatory changes globally after the crash of FTX.
Key Points
1. The Payment Services Act (PS Act) was amended in 2021 to regulate payment service providers, with the changes being enacted by MAS on Tuesday.
2. The cryptocurrency sector has experienced significant turmoil since 2021, including the crash of FTX and subsequent regulatory changes globally.
3. The amendments to the PS Act reflect the evolving landscape of digital payments and the need for updated regulations to ensure consumer protection and financial stability.