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On July 3rd, the Monetary Authority of Singapore (MAS) announced new requirements for Digital Payment tokens (DPT) service providers, including cryptocurrency exchanges. These requirements aim to safeguard customer assets by implementing a ban on lending and staking for retail customers. 
Institutional investors and authorized investors can still use these services, though. MAS recognizes that there are several points of view on the matter, with some supporting consent and risk disclosures while others call for a total banning of these high-risk practices. 
Exchanges must separate customer assets from their own and hold them in trust to guarantee the security of customer assets. Daily asset reconciliation of customers’ assets is necessary, and the custody function must be operationally independent. Customers must receive complete information about the dangers of keeping assets on an exchange. 
These measures aim to reduce the risk of asset loss and potential misuse, as well as facilitate asset recovery in cases of bankruptcy, although delays in asset recovery may still occur. 
To achieve these goals, MAS is seeking public input on proposed legislative revisions to the Payment Services Regulations. Guidelines for consistent application will be released in due course. Additionally, MAS intends to define wrongful offenses and create relevant legislative regulations for DPT service providers. These restrictions are intended to counter unfair commercial practices. 
Not only in Singapore but recently, according to a report by local media in Thailand, <a href="https://news.todayq.com/thai-sec-mandates-crypto-firms-to-issue-risk-warnings-confirms-ban-on-lending-services/">Thai regulators</a> are also implementing a new rule to protect the assets of crypto investors. The Thailand Securities and Exchange Commission has issued guidelines that digital asset service providers must display risk warnings on their platforms. This helps users acknowledge these cautions before using the services. 
The SEC has also <a href="https://news.todayq.com/thai-sec-invites-feedback-on-its-proposal-to-ban-crypto-lending-and-staking-services/">banned</a> crypto firms from using customer funds for lending or investment. These regulations aim to protect investors from the risks associated with lending services. 
© Todayq News

Singapore bans crypto lending and staking for retail investors

Todayq News

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