🚀 Singapore expands crypto regulations: Custodial services now included! 🌐

- Monetary Authority of Singapore (MAS) announced on Tuesday that it has expanded the scope of regulated crypto-related activities to include custodial services.

- Changes also cover cross-border money transfers and facilitation of crypto transmission between accounts and exchanges.

- Amendments to the Payment Services Act (PS Act) were passed in 2021, but only made live on Tuesday.

- New requirements include segregating customers' assets, maintaining proper records, and ensuring effective systems and controls.

- Existing entities must start a transition process within 30 days and submit a license application within six months from April 4, 2024.

What do you think about these new regulations? Share your thoughts in the comments below! 👇