According to an official statement made on Jan 28 (Tuesday), the Payment Services Act is a crypto-friendly initiative started by the Singapore government to motivate crypto-related enterprises to lawfully operate their businesses in the country using valid, government-issued licenses. Numerous cryptocurrency firms have implemented the new ruling onto their business operations. Crypto.com, the leading cryptocurrency wallet card app, has made several changes since Tuesday.
The important update with regards to the upcoming Payment Services Act that went into effect on 28 Jan, 00:00HR (GMT+8) have been emailed to all affected customers in Singapore.
The Payment Services Act imposes a limit to how much money a user can hold and spend with the user’s e-wallet and applies to all personal e-wallets including your MCO Visa Card wallet, which will apply to Singaporean residents. Fintech businesses are required to comply with the new regulations.
The following changes have been adopted by Crypto.com:
If you have a balance in your MCO Visa Card Wallet exceeding S$5,000, we strongly advise you to keep the balance below S$5,000 by 28 January 2020. Any users who have a balance exceeding S$5,000 as of 28 January 2020 would be contacted individually regarding the fund arrangement.Crypto.com has advised its Singapore customers on the fiat limit on its wallet app
Crypto.com, along with others, are in frequent discussions with regulators to gather industry feedback, including feedback on the impact of these limits may have on the Fintech industry.
They understand that this change may cause some inconvenience. However, they have also added that users that may be affected by the low-capped fiat limit may consider writing in to the Monetary Authority of Singapore (MAS)