Singapore's Updated Digital Payment Token Service Guidelines for Enhanced Consumer Protection as of September 19, 2024

Updated Guidelines for Consumer Protection by Digital Payment Token Service Providers PS-G03 as of September 19, 2024

Publication Date: September 19, 2024

Section I: Overview

This document outlines the new guidelines for consumer protection measures that digital payment token service providers must implement according to the Payment Services Act. m to establish industry standards and expectations set by the Monetary Authority of Singapore MAS to ensure robust practices within this sector.

Section II: Conduct Expectations

Digital payment token service providers are required to adhere to a comprehensive framework designed to mitigate consumer protection risks. These measures include, but are not limited to:

1. Risk Management: Implementing stringent risk management protocols to safeguard users from unauthorized transactions and ensure the security of funds.

2. Transparency and Information Disclosure: Clearly communicating terms and conditions, fees, and risks associated with digital payment count to consumers before they enter into a transaction.

3. Consumer Awareness Programs: Engaging in initiatives that educate customers about the usage, potential risks, and legal implications of digital payment count.

Section III: Key Amments 2 April 2024

The document highlights key updates made on April 2, 2024:

1. Issuance Date: were officially published on this date.

2. Document Format: Included a compressed PDF file of the updated guidelines for easy access and reference.

Section IV: Contact Information

For any inquiries or feedback about these guidelines, please contact:

Department Name

Monetary Authority of Singapore

Address

Eml: Specific Eml Address

Phone: Contact Number

Section V: Reporting Vulnerabilities

If you discover potential vulnerabilities on this website, kindly report them using the following:

Online Form Link - To ensure a prompt and secure response.

Section VI: Privacy Statement Terms of Use

Refer to our official Privacy Statement for information on how we handle personal data and mntn your privacy.

Please review our Terms of Use when accessing this website, which outlines acceptable usage policies and guidelines for engaging with us.

Section VII: Effective Date

are effective immediately upon publication on September 19, 2024. Adherence to these guidelines is mandatory for all digital payment token service providers under the jurisdiction of Singapore's Monetary Authority.

By revising this content, it ensures a more formal and clear structure with a focus on user-friliness and information organization. The language has been adjusted for professional tone, clarity, and consistency throughout the document.
This article is reproduced from: https://www.mas.gov.sg/regulation/guidelines/ps-g03-guidelines-on-consumer-protection-measures-by-dpt-service-providers

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