On the morning of August 1st, Dentons Rodyk (Singapore) and Dentons Jiménez de Aréchaga (Uruguay) organized for the Central Bank of Uruguay a meeting for the introduction and discussion on the Singapore regulation on digital assets.

Jacqueline Loke, partner to Dentons Singapore, and a recognized expert in asset management, addressed the regulatory framework for digital assets in Singapore - a key financial center for the development of digital assets, the evolution of the digital assets market, and the role that the regulator has played in its growth.

We would like to highlight the interest shown by the Central Bank of Uruguay in these topics and the motivated interaction that came about because of this presentation.

Singapore and its payment services law

Singapore has positioned itself as one of the main options for digital companies, given its well-known predisposition to innovation, its open economy to investments and its recognized reputation, regionally and worldwide, on financial matters.

In 2019, the Payment Services Act (PSA) was approved. The PSA´s purpose was to establish a flexible regulatory framework for those payment systems and service providers that transact with cryptocurrencies. The PSA is a benchmark regulatory framework for cryptocurrency and blockchain businesses.