In order to protect the rights and interests of cryptocurrency investors, the Monetary Authority of Singapore (MAS) stated today (3rd) that it will introduce new measures, requiring cryptocurrency exchanges to separate the custody of customer and company funds before the end of the year, and to separate customer assets. Stored in a trust account to reduce the risk of user assets being lost or misused.
Under the proposed new rules, cryptocurrency companies will also have to regularly reconcile customer assets, keep relevant accounts and records, and ensure that custody services operate independently from other business units. They will also have to disclose to customers the steps involved in holding their assets on the platform. risks of.
In addition, the Monetary Authority of Singapore will also prohibit platform operators from providing cryptocurrency lending and pledge services to retail investors, except for institutional customers and qualified investors.
The Monetary Authority of Singapore stated that the above-mentioned new measures were formulated after public consultation in October last year, with the purpose of providing protection for cryptocurrency retail investors. A new round of public consultation for a period of one month will be launched today, and all walks of life are welcome to comment on the "Payment Services Regulations" The draft legislative amendments provide feedback to further implement these new provisions.
The Monetary Authority of Singapore finally reminded investors, “Given the high-risk and highly speculative nature of Digital Payment Token (DPT) transactions, regulation alone cannot properly protect consumers from losses,” and called on investors to exercise caution when conducting transactions. Caution must be exercised at all times.
Editor's note: According to Singapore's "Payment Services Act", cryptocurrencies such as stablecoins and Bitcoin are considered "Digital Payment Tokens" (DPT) in the country.
This article Singapore will introduce new regulations: requiring cryptocurrency platforms to hold “customer assets” in a “trust” first appeared on Blockchain.