Payment Services Act mandates the implementation of licensing regime that applies to payment providers, exchanges and other platforms dealing with cryptocurrencies
The Monetary Authority of Singapore (MAS) on Jan 28, announced the commencement of the Payment Services Act (PS Act). The new PS Act will enhance the regulatory framework for payment services in Singapore, strengthen consumer protection and promote confidence in the use of e-payments.
The Payment Services Act adopts an activity-based licensing framework in recognition of the different kinds of activities and new developments in payment services. It also expands MAS’ regulatory ambit to include new types of payment services, such as digital payment token services. MAS said that it closely engaged the industry through dialogues and public consultations in designing the PS Act.
To support the transition of payment services firms to the new Payment Services Act, MAS has initiated a payments regulatory evaluation programme to help them connect with providers of legal services.
Ms Loo Siew Yee, Assistant Managing Director (Policy, Payments & Financial Crime), MAS, said, “The Payment Services Act provides a forward-looking and flexible regulatory framework for the payments industry. The activity-based and risk-focused regulatory structure allows rules to be applied proportionately and to be robust to changing business models. The PS Act will facilitate growth and innovation while mitigating risk and fostering confidence in our payments landscape.”
The Money-changing and Remittance Businesses Act and the Payment Systems (Oversight) Act will be repealed with the commencement of the Payment Services Act.
Under the Payment Services Act, all providers of digital payment token services in Singapore will have to meet the country’s anti-money laundering and counter-terrorism financing requirements. The authors of the legislation have also expanded the definition of e-money to include monetary value held in e-wallets for future payment transfers between individuals and businesses. The Act enters into force as governments around the world are working to amend their regulatory frameworks in order to comply with the global standards on crypto assets adopted by the Financial Action Task Force (FATF).
The Payment Services Act may pave the way for blockchain powered PropTech companies like Zweispace to make inroads into Singapore. Zweispace located in Tokyo, Silicon Valley, and Singapore, holds multiple patents around blockchain, started to tokenize the industry specific app utility, starting from real estate and legal professions for inheritance contract. The tokens are on BitcoinSV blockchain.
Zweispace started selling Zweicoin a real estate industry utility token in Japan, the coin can be consumed to run award winning PropTech apps. It can also be held as almost like stable token but most likely appreciating with more stuff coming in. PropTech apps includes, Robot Architect, “AutoCalc” a maximum profitable property planning with AI support, and Earthquake impact assessment app, “Namazu”, developed with experts from a largest construction company. Zweispace is awarded the best PropTech company in 2019, expanding its domain to construction and finance.
Surplus of the money generated by selling Zweicoin is stored in a bank account in Japan, and part of the money will be converted to real estate. The ownership record and rental revenue history will be stored in its patented real estate blockchain system.
Zweispace also announced Zweinote, the real estate backed security type token with a licensed entity, starting from real estate in Tokyo.
Legal profession tokens will be consumable at inheritance advisory system, a legal tech system with expert knowledge for traditional contract generation with cutting edge smart smartcontract capability. Simultaneously, Shintakukeiei.com, a Japanese media about trust legal contract, opened, targeting 7 million elders in aging Japan with 13 trillion-dollar financial assets stored in banks with less than 0.1% interest rate. Members can receive consultation from member lawyers before legal tech generates trust contract on backend system, along with alternative, next generation Inheritance Smart Contract. Practical smart contracts will be introduced to financial industry starting from Japan.
This system with media site, will accelerate the contracting process, as Japanese government is encouraging regional banks to do so. This inheritance advisory system “Pitashin” was created with the collaboration of Zweispace and Yasuhiro Ogino, a Shiho-shoshi (solicitor), the expert of inheritance contract and legal tech director at Trust System Security Association. The system is powered by Smart Contract System on ZWEICHAIN, a blockchain Zweispace provides. ZWEICHAIN means two chain in German, a pair of private chain and public chain. For the public chain, Zweispace picked BitcoinSV chain since 2019, the aggressively scaling original bitcoin protocol created and managed by nChain or Satoshi Nakamoto team. The “Legal Token” for this ecosystem, will be tokenized on BitcoinSV chain, same as Zweicoin on BitcoinSV.
Namazu token is earthquake related tokens for the platform Zweispace forming with large construction companies with support from Japanese cabinet. Earthquake data from Zweispace sensor system will be recorded in its real estate blockchain. Zweispace partner companies and researchers can search and check the immutable records by using ZWC blockchain explorer. The public can check statistical sensor data in the public blockchain recorded by Zweispace system, using blockchain explorer from public internet.
Zweispace expects amateur researchers to access the blockchain data with AI program to form prediction models in Japan. Japan has many amateur astronomers significantly contributing to global knowledge of astronomy. Zweispace hopes to encourage amateur planetary scientists, not just its world largest partner construction companies, to come up with AI assisted models to predict the impact of and to prepare for the potential 14 trillion-dollar damage to the third largest economy by Nankai Trough earthquake.
Zweispace started to accept crypto for Zweicoin, starting from BitcoinSV, which Zweispace uses for its system. The conversion rate can be checked at a new utility token site. Zweicoin can be purchased on site and is in talks with multiple exchanges for trading including one already integrated.