This policy paper provides a synopsis of key consumer-centric provisions provided under draft Regulations published in February 2021 for public consultation.
The draft Regulations are intended to enhance the existing legislative framework governing Payment Services Providers (PSPs), specific to their provision of central bank digital currency (CBDC) linked services.
These include specific obligations to safeguard the security of the financial market infrastructure, affirmed obligations around the financial integrity (AML/CFT) of digital currency transactions, and intensive focus on financial inclusion and consumer protection. After the consultation period closes on 31 March 2021, the Bank will finalise the Regulations for issuance by 1 May 2021.