Singapore has implemented new regulations for crypto service providers in a bid to enhance investor protection and maintain market integrity within the cryptocurrency industry. The Monetary Authority of Singapore (MAS) will also restrict lending and staking activities facilitated by crypto service providers for their retail customers.
Singapore Has New Crypto Rules
The Monetary Authority of Singapore (MAS) announced on Monday “new requirements for Digital Payment Token (DPT) service providers to safekeep customer assets under a statutory trust before the end of the year.” Singapore’s central bank detailed:
This will mitigate the risk of loss or misuse of customers’ assets, and facilitate the recovery of customers’ assets in the event of a DPT service provider’s insolvency.
The central bank noted that these measures were introduced following a public consultation in October last year “on regulatory measures to enhance investor protection and market integrity in DPT service
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