Latest Payments News: Singapore Lawmakers Highlight The Need For Awareness Of Consumer Crypto Risks, and more

Catch up on some of the stories our payments compliance analysts have covered lately, and stay up-to-date on the latest news.

Singapore Lawmakers Highlight The Need For Awareness Of Consumer Crypto Risks

Parliamentarians have raised concerns about the potential impact of the GENIUS Act on the city-state’s competitiveness as a global hub for regulated crypto-assets, as well as the risks such assets pose for consumers.

The Guiding and Establishing National Innovation for US Stablecoins Act was signed into law by President Donald Trump in July 2025. The Act establishes a bipartisan legislative framework for regulating payment-focused stablecoins in the US.

The US’ pro-stablecoin regime is already sparking concern overseas, particularly in jurisdictions that had already established legal frameworks.

In a parliamentary sitting on September 24, 2025, Singaporean lawmaker Victor Lye asked the Ministry of Finance to assess the GENIUS Act’s implications for Singapore’s crypto-asset sector. He also asked whether the Monetary Authority of Singapore (MAS) intended to seek US recognition of Singapore’s regulatory framework for stablecoins as a comparable regime under the GENIUS Act.

In response, deputy prime minister and minister for trade and industry, Gan Kim Yong, who also chairs MAS, said that although the GENIUS Act aims to provide regulatory clarity for stablecoins in the US, it is still too early to determine its global impact.

He noted that stablecoin adoption could bring efficiency gains and lower transaction costs but emphasised the potential risks if stablecoins are not properly regulated, including rapid redemptions and loss of confidence in their value.

Gan also confirmed that legislative amendments are underway to formalise the framework, with a public consultation expected later this year.

“MAS is also playing a key role in collaborations among global financial institutions and international policymakers,” the regulator said.

“The aim is to develop standards around tokenised assets and the supporting infrastructure to facilitate cross border interoperability across digital asset networks and instruments, including stablecoins, tokenised bank liabilities.”

Ireland’s New Payments Sandbox Aims To Add Momentum To The Sector

The Central Bank of Ireland’s (CBI) Innovation in Payments Sandbox could accelerate the development of safer, faster, and more inclusive payment solutions while giving regulators early insight into emerging risks.

Applications are open for the initiative, which aims to provide selected firms with a controlled environment to test and refine innovative payment solutions, enhancing both safety and efficiency.

The six-month programme is designed to encourage collaboration across the payments ecosystem and to accelerate the development of safer, faster, greener and more inclusive payments.

Participants are set to benefit from structured workshops, dedicated support from a sandbox relationship manager and access to data tools and platforms to help refine their innovations.

“Payments are the lifeblood of the economy, and innovation in payments, done well and safely, can unlock broader economic benefits. Amid a rapid pace of innovation in the payments landscape, the Central Bank also needs to adapt, we cannot stand still,” said Vasileios Madouros, the CBI’s deputy governor.

“Our ultimate aim is to ensure that the benefits of innovation are realised and that the risks are managed effectively, maintaining confidence in money and payments throughout this ongoing transition.”

Brazil’s Latest Consultation Could Lead To Major Cross-Border Payments Overhaul

The Central Bank of Brazil’s (BCB) proposed changes to international payment and transfer services would bring the fast-growing sector under tighter supervision, raising compliance costs but potentially strengthening the system’s credibility.

The central bank is seeking feedback on proposals intended to level the playing field between fintechs and traditional institutions.

The objective is to strengthen customer safeguards and improve the traceability of cross-border fund flows.

Under the draft rules, only institutions authorised by the BCB would be allowed to offer so-called “eFX” services.

Providers currently operating without authorisation, many of them app-based remittance and currency-exchange platforms, would need to apply for a payment institution licence within a transition period set by the central bank.

The BCB is responding to the rapid expansion in the number of fintechs and non-bank operators in the country, which currently benefit from a lighter-touch regime.

By tightening authorisation requirements and reporting duties, the regulator aims to establish a more level regulatory framework.

Under the central bank’s plans, authorised firms would have to notify the BCB in advance of their intention to provide eFX services and submit monthly reports on transactions and movements in reais.

The proposed exclusive deposit account for receiving and delivering reais to customers is designed to keep client funds separate and more easily monitored.

The consultation also signals that the BCB is seeking not only tighter control, but also clearer rules for legitimate financial flows. It proposes expanding the scope of eFX to include transfers related to investments in Brazil’s financial and securities markets, capped at $10,000 per transaction.

Providers would be required to disclose the total effective value (VET) of each exchange transaction, as well as the total cost in reais per unit of foreign currency. This aims to address issues with opaque pricing and hidden fees.

US–UK Digital Asset Alignment Could Set A Global Regulatory Benchmark

Closer transatlantic cooperation may reward firms that meet emerging compliance standards while providing a clearer pathway for innovation and growth in cross-border digital markets.

The Transatlantic Taskforce for Markets of the Future will look at options for short-to-medium-term collaboration on digital assets as the two countries develop their legislative and regulatory regimes, HM Treasury said.

It will also examine opportunities for long-term collaboration and innovation in wholesale digital financial markets.

The taskforce will report to both countries’ finance ministries, with the first report expected within the next 180 days.

It will be chaired by officials from HM Treasury and the US Treasury, and will also include regulatory representatives.

The taskforce’s creation was announced days after President Trump’s second state visit to the UK, during which UK Finance Minister Rachel Reeves and US Treasury Secretary Scott Bessent, along with executives from leading crypto firms, held discussions.

Nick Jones, founder and CEO of Zumo, welcomed the taskforce, saying it would help extend the countries’ special relationship into the digital age.

“Through the GENIUS Act and other progressive regulatory developments, the US has shown real leadership in the burgeoning digital assets sector, and by announcing this alignment the UK is starting to finally show its own intentions,” Jones said.

“The taskforce will hopefully now enable the emergence of short-term benefits that will provide a timely boost for the sector while the longer-term regulatory framework is still being defined.”

FCA Consultation Signals Move Towards Minimum Standards For Crypto Firms

By extending the Consumer Duty to crypto-assets, the consultation sets minimum operational, compliance and consumer protection standards, challenging firms to align practices or risk falling behind in the UK market.

The Financial Conduct Authority (FCA) has announced a consultation on how the Consumer Duty, which requires firms to act to deliver good outcomes for their consumers, should apply to crypto-assets.

It is also seeking views on the handling of complaints, including whether consumers should be able to refer them to the Financial Ombudsman Service (FOS).

David Geale, executive director of payments and digital finance at the FCA, said the regulator aims to develop a sustainable and competitive crypto sector that balances innovation, market integrity and trust.

“Our proposals won’t remove the risks of investing in crypto, but they will help firms meet common standards so consumers have a better idea of what to expect,” Geale noted.

“We are working now on what those standards should look like, ahead of legislation to bring it within our regulation.”

A key part of the consultation will consider how the FCA’s Handbook rules will apply to crypto-asset firms.

The consultation closes on November 12, 2025, and the regulator will publish final rules in 2026.

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