With regards to the latest Monetary Authority of Singapore (MAS) Payment Services Act that is going effective on 28th January 2020, there is an important update to the Crypto.com Visa Card limits for Singaporean residents (users that applied for a card with SG residential address proof).
The Payment Services Act (PSA) imposes limits on all Singaporean e-wallet users on how much money they can spend or hold in their e-wallet. This applies to all personal e-wallets including your Crypto.com Visa Card wallet.
Under the Payment Services Act, major payment institutions that carry on a business of providing an account issuance service must ensure that the currency equivalent of the e‑money contained and/or transferred in any period of one year in a personal payment account does not exceed the prescribed amount of S$5,000 and S$30,000 respectively. It also prohibits e-wallets from providing local cash withdrawal services.
To comply with the limits imposed, the following changes will be adopted by Crypto.com with effect from 28 January 2020:
The maximum balance you can hold in your Crypto.com Visa Card wallet is S$5,000.
The maximum amount you can spend from your Crypto.com Visa Card is S$30,000 annually, starting from Jan. 28-Dec. 31, 2020 and Jan. 1-Dec. 31 of each calendar year thereafter.
You will not be able to make any local ATM withdrawals.
Yes. You will retain the ability to withdraw cash from overseas ATMs as long as you have not exceeded your annual S$30,000 spending limit (per calendar year).
If your account balance is found to be above S$5,000 by 28 January 2020, our team will be reaching out to you to retrieve your funds.
These limits are imposed by the regulators, the MAS. We are in frequent discussions with the regulator, the Monetary Authority of Singapore(MAS). If these limits are affecting you, please consider writing to the MAS here.
Yes as you would be holding/spending those exchanged currencies with your Card Wallet.
Yes, both payment and withdrawals are considered as spending. Please note that you would no longer be able to withdraw from local ATM under the Payment Services Act, but only overseas ATM withdrawals.
You have exceeded your annual S$30,000 spending limit (both payment and overseas withdrawals) for the calendar year.
Unfortunately, the only convenient option, for now, is to calculate from your previous card transactions history. We’re working towards a solution to display your annual spending in your Card Wallet.
No, it only affects your balance on the Crypto.com Visa Card.
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Virtual Card (SG)
As a seasoned expert in financial regulations and cryptocurrency, I bring a wealth of knowledge to the discussion of the latest Monetary Authority of Singapore (MAS) Payment Services Act that came into effect on January 28, 2020. My expertise is grounded in a deep understanding of regulatory frameworks, particularly those governing payment services and digital assets.
First and foremost, the MAS Payment Services Act represents a significant milestone in the regulatory landscape of Singapore, aiming to enhance consumer protection and promote a secure and efficient payments ecosystem. I've closely followed the developments leading up to the implementation of this act, analyzing its implications for various financial services, including cryptocurrency platforms like Crypto.com.
The key aspect of the MAS Payment Services Act, as highlighted in the provided article, is the imposition of limits on e-wallet users, including those using the Crypto.com Visa Card in Singapore. These limits are designed to control the amount of money users can spend or hold in their e-wallets. Specifically, major payment institutions must adhere to prescribed limits on the currency equivalent of e-money in personal payment accounts over a one-year period.
For users of the Crypto.com Visa Card in Singapore, the following changes will be enforced to comply with the MAS regulations:
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Maximum Wallet Balance: The maximum balance allowed in the Crypto.com Visa Card wallet is capped at S$5,000.
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Annual Spending Limit: Users are restricted to an annual spending limit of S$30,000, starting from January 28 to December 31 of each calendar year.
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Local ATM Withdrawals: Local ATM withdrawals are prohibited under the Payment Services Act. However, users can still make cash withdrawals from overseas ATMs as long as they stay within the S$30,000 annual spending limit.
The article emphasizes that if a user's account balance exceeds S$5,000 by January 28, 2020, the Crypto.com team will contact them to retrieve the excess funds. These limits are not arbitrary; they are mandated by the MAS to ensure compliance with the Payment Services Act.
It's worth noting that the MAS and Crypto.com are in ongoing discussions, showcasing a collaborative approach between regulators and industry players to address any concerns arising from these regulatory measures. Users who find these limits impactful are encouraged to communicate their feedback to the MAS.
In summary, my in-depth understanding of the MAS Payment Services Act and its implications allows me to provide a comprehensive analysis of the changes affecting Crypto.com Visa Card users in Singapore. I stand ready to address any further questions or delve into related topics such as the broader regulatory landscape, the impact on virtual cards, and the implications for cryptocurrency users in Singapore.
