Singapore Payment Service Provider Licence
What is a Digital Payment Token Service
Digital payment token refers generally to any digital representation of value
The digital payment token service is perhaps the most complicated of all payment services because it requires an independent assessment and classification by legal experts as to whether a digital token that is offered by a payment service provider is a digital payment token, as opposed to say a security.
A digital payment token is, or is intended to be, a medium of exchange accepted by the public, or a section of the public, as payment for goods or services or for the discharge of a debt. Because of advancements in technology, many consumers also use digital payment tokens as a vehicle for investment.
If a provider deals, facilitates, or facilitates the dealing of digital tokens that are for payment services (s”) then that provider will need to get licensed for the activity of being a digital payment service provider.