Singapore legislation

Regulation 10

of Payment Services Regulations 2019

Regulation 10

Lapsing of licence

For the purposes of section 11(1)(c) of the Act, the prescribed events upon which occurrence a licence lapses are —

(a)

if the licensee has not commenced business in at least one of the payment services authorised to be provided by the licensee for a period of 6 months (or any longer period that the Authority may allow) after the grant of the licence, immediately upon the expiry of that period;

(b)

if the licensee —

(i)

has ceased to carry on business in providing all of the payment services authorised to be provided by the licence; and

(ii)

has not resumed business in any of those payment services for a continuous period of 6 months (or any longer period that the Authority may allow) after the date of the cessation of business,immediately upon the expiry of that period;

(c)

if the licensee is licensed to carry on a business of providing one or more payment services other than digital payment token services, and the licensee does not accept, process or execute any payment transaction for a continuous period of 6 months (or any longer period that the Authority may allow) after the grant of the licence, immediately upon the expiry of that period; and

(d)

if the licensee is licensed to carry on a business of providing digital payment token services, and the licensee fails to provide at least one of the following services for a continuous period of 6 months (or any longer period that the Authority may allow) after the grant of the licence, immediately upon the expiry of that period:

(i)

accepting, processing or executing any payment transaction;

(ii)

buying or selling any digital payment token in exchange for another digital payment token (whether of the same or a different type);

(iii)

executing any transaction that involves any exchange of any digital payment token for another digital payment token (whether of the same or a different type);

(iv)

accepting (whether as principal or agent) digital payment tokens from one digital payment token account (whether in Singapore or elsewhere), for the purposes of transmitting, or arranging for the transmission of, the digital payment tokens to another digital payment token account (whether in Singapore or elsewhere);

(v)

arranging (whether as principal or agent) for the transmission of digital payment tokens from one digital payment token account (whether in Singapore or elsewhere) to another digital payment token account (whether in Singapore or elsewhere);

(vi)

inducing or attempting to induce any person to enter into or to offer to enter into any agreement for or with a view to buying or selling any digital payment token in exchange for any money or another digital payment token (whether of the same or a different type);

(vii)

safeguarding a digital payment token, where the licensee has control over the digital payment token;

(viii)

carrying out for a customer an instruction relating to a digital payment token, where the licensee has control over the digital payment token;

(ix)

safeguarding a digital payment token instrument, where the licensee has control over one or more digital payment tokens associated with the digital payment token instrument;

(x)

carrying out for a customer an instruction relating to one or more digital payment tokens associated with a digital payment token instrument, where the licensee has control over the digital payment token instrument.

Read in full context — Payment Services Regulations 2019 →