Using Blockchain for Payment Services
What is the technology risk management policy of using blockchain technology for payment services?
To counter the increased risk of centralised entities, the Monetary Authority of Singapore (“MAS”) has requirements to ensure that a Platform Architecture, processes and policies around the wallet security need to be sound. For example, one way to diversify secure access is to ensure that there are several layers of controls over who can modify the source code of the Wallet. This can be implemented by ensuring that technician who modifies or pushes the source code to a live environment can only do so with a one-time pin from a supervisor and a compliance officer.
Understanding the technology and its risks is essential in obtaining a license and to continue conducting a regulated payment service activity.