Singapore Central Bank Mandates Legal Trusts for Crypto Service Providers’ Customer Assets

Singapore’s Central Bank, or the Monetary Authority of Singapore (MAS), announced today that crypto service providers in Singapore must keep their customer assets in a legal trust before the end of the year. This requirement comes after MAS’s public consultation to enhance customer protection, which started in October 2022. A Ban Imposed on Lending and Staking Crypto for Individual Investors MAS stated regarding the trust requirement, “This will reduce the risk of customers’ assets being lost or misused, and will facilitate the recovery of customers’ assets in the event of a bankruptcy of a DPT (Digital Payment Token or Crypto Currency) service provider.” MAS also prohibits crypto service providers from facilitating the lending and staking of individual customers’ tokens. However, no ban has been imposed on providing these two services for institutional and accredited investors. The Singapore Central Bank also requested public feedback on legislative changes focusing on the implementation […] The post Singapore Central Bank Mandates Legal Trusts for Crypto Service Providers’ Customer Assets appeared first on COINTURK NEWS.