👀 Singapore’s central bank is working to require crypto service providers to hold customer assets in a statutory trust by year-end.
Singapore’s central bank is introducing new measures to improve investor protection and market integrity in the cryptocurrency industry.new requirements for crypto service providers to hold customer assets into a statutory trust by year-end.
The new custody measures follow a public consultation on regulatory measures to reduce risks to consumers from crypto trading which was “However, a few respondents disagreed, suggesting that DPTSPs should be required to segregate each customer’s assets from other customers’ assets in separate blockchain addresses,” the MAS wrote. According to the respondents, individual custody segregation could provide customers with greater transparency by allowing them to identify and verify their own holdings.
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