Singapore Chamber of Commerce Vietnam’s Post

It's been a 3-year journey up to this point that we can share the draft for public comment. And what a journey it has been! The Electronic Transaction Act first came into force back in early 2000s back when we used dial-up internet, pagers, and fax machine. Now in 2024, things have changed a little😊 It's time to update (and by that, I mean "rewrite") this foundational law to make it align with the socio-economic and technological developments of the 21st century. This draft bill does not just concern Thai people but anyone with whom we do business over the internet. That's a lot of you! If you are interested, please take some time to consider and leave any comments. My apologies that the public consultation website is in Thai but any translation function in your browser should help quite well. In addition, we have included a by-section explanation of the Bill for those who want to deep dive into what will change if this bill comes into force. Comment period is open now until 24 July but you can send me your comments even after the official deadline. Every little helps 🙏 https://lnkd.in/g9zYdNjf

🚨 Attention Virtual Asset Service Providers (#VASPs) 🚨 On December 11, 2023 Lithuania's public authorities issued their position on #MiCA licensing and #CASPs registered in Lithuania. 📜 Key points to take away: Transition Period Removal: Proposal to eliminate the 18-month transition period for obtaining a MiCA license with no #grandfathering clause. License Deadline: CASPs in Lithuania must secure a MiCA license by the end of 2024 to continue operations. Stricter #AML Laws: The Lithuanian government is gearing up to amend Anti-Money Laundering legislation, focusing on their involvement in illicit activities. Increased Oversight: With over 540 VASPs per capita, #Lithuania leads the EU. The Bank of Lithuania is intensifying oversight to combat risks like scams and fake registrations. #Capital Requirements: It's not just about having enough capital at the start. VASPs will be required to maintain a minimum capital throughout their entire operation. Compliance and Transparency: Recent findings from the #FCIU highlight a concerning lack of due diligence and reporting among VASPs, resulting in substantial fines. The bottom line: Transparency and compliance are no longer optional, they're now mandatory. 🕒 Tick-Tock, CASPs! Apply Now: Time is ticking for re-licensing. Start process now in order to be ready when the time comes. Tailored Approach: No one-size-fits-all templates accepted. Tailor your procedures for #compliance. Questions or need guidance? Connect with us! We're here to make this regulatory journey smooth for you. 🚀🤝 #CASPs #RegulatoryUpdate #MiCALicense #tailoredsolutions

In February 2024, the Court of Justice of the European Union (CJEU) gave a significant decision (C-661/22, ABC Projektai) regarding the distinction between payment services and issuance of electronic money. To be more precise, in the case the CJEU interpreted the circumstances under which a payment service does or does not involve the issuance of electronic money. 👀 Simply put: - The CJEU’s decision clarified that a payment account can be provided to customers for keeping funds to conduct payments to receivers not specified in advance without this automatically meaning that electronic money would be deemed to be issued. 🤝 Key conclusion from the case: - From now on it is clear that payment service providers are able to provide payment accounts as per PSD2 to their customers in a manner where the customers can receive and keep funds on their payment accounts without specific payment orders for those funds for the purpose to conduct payment transactions without an automated necessity for the service provider to apply for an authorisation or registration to issue electronic money as per EMD2. The CJEU’s decision is remarkable and it remains to be seen to which extent there will be EU Member States seeking competitive edge in the changed legal landscape. This could be done by offering quick fix solutions to current holders of authorisations and registrations. 📃 👇 Interested to read more? Link to full article in comments! #psd2 #emd2 #fintech #nordiclaw

On 18 April 2024, the Court of Justice of the European Union (CJEU) handed down its judgment in Citadeles nekustamie īpašumi SIA v Valsts ieņēmumu dienests at the request of the District Court of Latvia. In the judgement, the CJEU assessed whether the concept of “company service provider” in the Anti-Money Laundering Directive (AMLD) should be interpreted as referring to a discrete service which does not arise from a transaction involving the letting of self-owned real estate and is not linked to such a transaction.   In the article below, Charlotte Evenepoel, Pierre Berger, Jasna Zwitter-Tehovnik, Anže Molan, Natalia Lopez Condado, Elena Vadolas and Melvin Tjon Akon review the CJEU's assessment and its implications. This includes an overview of the key changes and how the judgement impacts national legislations in Belgium, Austria, Spain and Germany.   Click the link below to read the full article:  https://lnkd.in/eAH47JuX #CJEU #AML #MoneyLaundering #Regulations

The Binance Filipino group on Facebook or the binance community are now confused on what exchange should they be use next, are they going or transfer their funds and trade to local or international exchange? This post are from binance Filipino went too far with 249 comments and 200+likes/reactions. Based on our laws here in the Philippines by AFAB, Republic Act no. 11453 is more interesting... "An Act Further Strengthening the Powers and Functions of the Authority of the Freeport Area of Bataan (AFAB), Amending for this Purpose Republic Act No. 9728, Otherwise Known as the "Freeport Area of Bataan (FAB) Act of 2009" This is more exciting part😍 Section 3. Section 6 of Republic Act No. 9728 is hereby amended to read as follows: "Sec. 6. Imposition of a Tax Rate of Five Percent (5%) on Gross Income Earned.— No taxes, local and national, shall be imposed on registered business establishments operating within the FAB. In lieu thereof, and subject to Section 10 of this Act, said business establishments shall pay a five percent (5%) final tax on their gross income earned in the following percentages: "(a) One per centum (1%) to the National Government; "(b) One per centum (1%) to the Province of Bataan; "(c) One per centum (1%) to the host city/municipality; and "(d) Two per centum (2%) to the Authority of the Freeport Area of Bataan." If you have friends, connections to local or international exchange, that wants to expand their business or put their license or raising funds here in the Philippines. Feel free to DM me.

For anyone in payments and operating in Singapore... The Government of Singapore has introduced the Financial Institutions (Miscellaneous Amendments) Bill to the Singaporean Parliament. The bill amends several acts relating to the regulation of financial services in Singapore including the Monetary Authority of Singapore Act 1970 and the Payment Services Act 2019. In terms of the Payment Services Act 2019, the bill revises and adds several provisions that regulates the powers available and procedures applicable to the Monetary Authority of Singapore (MAS) to conduct investigations in to the activities of entities regulated by the act. Vixio Regulatory Intelligence's horizon scanning covers all regulatory developments in the payments industry. #payments #regulation #singapore

The Singapore police force spent $650,000 to maintain the assets seized or frozen in relation to the $3b money laundering case. It's no wonder that Singapore parliament decided to pass a new #AML bill providing that: 1. The Singapore courts will have the power to order the sale of seized properties without the consent of involved parties if (i) the value of the property is likely to depreciate or undue costs are involved in maintaining it and (ii) the sale is in the interests of justice 2. An abscondee suspected of committing a crime in Singapore must personally present himself before a law enforcement officer to assist in investigations, before he can make a claim to the seized property 3. An individual cannot prove his entitlement to seized property simply because it was a gift from one who had absconded. The court may, however, consider whether the property was obtained through legitimate sources, such as income or investments, before releasing it to a 3rd party 4. Government agencies such as the Suspicious Transactions Reporting Office (STRO), Council For Estate Agencies of Singapore (CEA), ACRA - Accounting and Corporate Regulatory Authority, Ministry of Finance, Singapore Customs and the Inland Revenue Authority of Singapore (IRAS) can now share tax, trade and other data with each other in relation to potential criminal matters. Winds of change are afoot! CHP Law LLC #withyou #AML #criminallitigation #civillitigation

MAS Extends Suspension of Remittances to China Through Channels that are not Specifically Permitted The Monetary Authority of Singapore (MAS) today issued a Notice [1] to extend, for a further six months until 30 September 2024, the suspension of the use of channels that are not specifically permitted (non-specified channels [2] ) by remittance companies when transmitting money to persons in the People's Republic of China (PRC). Since the suspension was first implemented on 1 January 2024, MAS has not received reports of monies remitted to China through the specified channels subsequently being frozen by PRC law enforcement agencies. To minimise risks to consumers remitting funds to China, MAS has decided to extend the suspension to 30 September 2024. MAS will continue to closely monitor the situation and practices of remittance companies. #payment #Singapore #MAS

📈Let's take a look into the newest review of the activities of Electronic Money and Payment Institutions in Lithuania!📈 Here’s a summary of the key facts from the article: 🔊At the end of the third quarter of 2023, 127 institutions operated in the sector in Lithuania. 🔊Operating income amounted to €353 million, which was more than one fifth higher than in the same period last year (€289 million). Ten companies accounted for 70% of the sector’s income. 🔊In 2023, the Bank of Lithuania issued 3 new licences, changed 1 limited licence to the one of unlimited activity and expanded 1 licence. 🔊10 licences were revoked either at the request of the institutions themselves or as an enforcement measure for serious breaches of legislation. #Lithuania #FinTech #FinancialReview #EMI #PI