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In a significant move to enhance investor protection, the Monetary Authority of Singapore (MAS) has <a href="https://www.mas.gov.sg/news/media-releases/2023/mas-publishes-investor-protection-measures-for-digital-payment-token-services" rel="noopener noreferrer nofollow">mandated</a> that all cryptocurrency service providers operating within its jurisdiction must deposit customer assets under a statutory trust by the end of the year. This announcement follows a <a href="https://www.mas.gov.sg/-/media/mas/news-and-publications/consultation-papers/2022-proposed-regulatory-measures-for-dpt-services/consultation-paper-on-proposed-regulatory-measures-for-digital-payment-token-services-v3.pdf" rel="noopener noreferrer nofollow">public consultation</a> initiated in October 2022 aimed at bolstering customer protection.Explaining the move, the MAS said in the announcement: &#34;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 (Digital Payment Token or Cryptocurrency) service provider’s insolvency.” In addition to this, the MAS has imposed restrictions on cryptocurrency service providers, prohibiting them from facilitating lending and staking tokens to retail customers. However, institutional and accredited investors would continue to have access to these services.Furthermore, the central bank is also seeking public feedback on legislative amendments with the aim of implementing these new requirements. Angela Ang, Senior Policy Advisor for blockchain intelligence firm TRM Labs and former MAS regulator, commented on the development, stating,Read full article at <a href="https://cryptotale.org/mas-orders-crypto-firms-to-secure-customer-assets-in-trust-by-year-end/" rel="noopener noreferrer nofollow">CryptoTale.</a>

MAS Orders Crypto Firms to Secure Customer Assets in Trust by Year-End

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