Mike Chiam on the New FSM Act

Partner, Mike Chiam shared his thoughts with Asian Legal Business on the new FSM Act, as Singapore is striving to balance its reputation being a regulation-lite innovation space and a safe and trusted global financial centre. Click here to access the full article (in English) (and in Chinese).

On 5 April 2022, the Financial Services and Markets Act 2022 (FSM Act) was read in Parliament for the second time. The FSM Act enhances “sector-wide” regulatory effectiveness and consolidates some of MAS’ powers into one single Act. With the digitalisation of the financial market, the Act also seeks to impose requirements to “mitigate cyberattacks, technology risks, critical system and administration risks in relation to digital token services and Virtual Asset Service Providers (VASPs)”, as well as underscore the regulation of certain digital token (DT) service providers created in Singapore for anti-money laundering and countering of financing of terrorism (AML/CFT) purposes.