Singapore Payment Services Act Amendments Aim to Expand Regulatory Scope and User Protections

SINGAPORE, 12 April 2024 — On 2 April 2024, MAS introduced amendments to the Payment Services Act 2019 of Singapore (PS Act) and its subsidiary legislation. Generally, these amendments seek to (1) expand the scope of payment services regulated by MAS which will take effect from 4 April 2024 and (2) impose user protection requirements on digital payment token (DPT) service providers which will take effect from 4 October 2024.

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Mainstream Adoption: The Era of Bitcoin ETFs Begins

By Leon Yee, Yeo Ming Ze and Brian Sim

1. Navigating the Bitcoin Exchange-Traded Funds (“ETFs”) Landscape: A Comprehensive Overview

Introduction to Bitcoin ETFs in 2024
On 10 January 2024, the U.S. Securities and Exchange Commission (“SEC”) approved the listing and trading of 11 spot Bitcoin ETFs. This followed a case in the U.S. Court of Appeals District of Columbia where the court held that the SEC’s denial of Grayscale Investments conversion of its Bitcoin trust to an ETF was “arbitrary” and “capricious” given that the SEC had approved a futures-based Bitcoin product. The court found these futures-based ETFs to be materially similar to Grayscale’s Bitcoin ETF such that they should have received the same regulatory treatment. The court’s decision was based on two key points: the underlying assets (Bitcoin futures and Bitcoins) being closely related in that they both track spot Bitcoin market prices and the futures and Bitcoin exchanges having the similar controls in place for detecting fraudulent or manipulative market misconduct.
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