Singapore will require crypto firms to keep customer funds in a trust before the end of the year, as part of newly announced requirements.
Singapore will require crypto firms to keep customer funds in a trust before the end of the year.
The new requirements are “draft legislative amendments” and are open for public comments before becoming law.Connect/Create WalletNo wallet? No problem. You can set one up for free. We recommend Torus for first-time users.The Monetary Authority of Singapore announced new requirements for crypto firms to keep their customers' funds in a statutory trust before the end of the year.
Crypto platforms will also be required to perform daily reconciliation, maintain proper records and operate custody services independently, the regulator said. Additionally, they will need to provide clear risk disclosures to customers regarding the storage of their assets.on proposed rules for the crypto sector in October. Singapore will now also push ahead to restrict crypto firms from providing lending and staking services to retail customers, as first proposed in October.
These new requirements will be made official through guidelines and changes to the Payment Services Regulations 2019. They are currently open for public feedback until August 3, the MAS said.The MAS said it will release more responses to the October consultation feedback in multiple parts. Today's new requirements are just Part 1 of the response, focused on the rules for separating and safeguarding customers' assets.
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