Abstract:
As the Payment Services Act 2019 (Act 2 of 2019) comes into force, this article observes that there is a disparate legislative framework applicable to cryptocurrencies in Singapore, which presents a regulatory conundrum for companies, regulators and retail consumers. This article highlights two issues: (a) is the current regulatory framework an unnecessary regulatory cost for cryptocurrency businesses? and (b) does the current regulatory framework restrict Singapore’s regulatory authorities from safeguarding the interests of retail consumers? This article proposes potential reforms and argues that regulatory simplification could be achieved.