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Singapore’s Monetary Authority (MAS) announced it would require crypto exchanges to keep customer assets in a trust before the end of the year.
The Monetary Authority of Singapore (MAS) said in a statement on Monday that the country will require cryptocurrency exchange to keep customer assets in a trust before the end of the year.
BNN Bloomberg and The Strait Times report the new requirement is part of efforts to ensure funds are safeguarded following the implosion of the FTX crypto exchange in November 2022.
Singapore To Ban Staking and Lending for Retail Investors
The MAS said there is support across the board for digital payment token (DPT) service providers to safeguard customer funds. The Strait Times reports under the proposed rules, firms must conduct daily reconciliation of customers’ assets, maintain proper records, and must maintain access and operational controls to customers’ DPTs in the region.
According to reports, Singapore will also continue with a proposal to ban lending and staking activities for retail investors. The monetary authority stated lending and staking activities are unsuitable for the retail public.
The MAS said in a statement:
Regulations alone cannot protect consumers from all losses, given the extremely high risk and speculative nature of digital payment token trading.
The authority said crypto firms could continue to offer such services to their institutional and accredited investors.
Singapore Tightens Crypto Regulations
Singapore’s measures to protect retail investors come after its public consultation in October 2022.
The city-state has, for a long time, pushed for strengthened crypto regulations. The MAS announced in 2022 that its plans to consult and revise its proposed regulations which will further tighten retail-investor access to cryptocurrencies.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
