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Regulatory Updates

Singapore MAS and Brunei BDCB Strengthen Cross-Border Financial Cooperation with MoU on Collateral Framework

Singapore MAS and Brunei BDCB Strengthen Cross-Border Financial Cooperation with MoU on Collateral Framework

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On 14 August 2025, the Monetary Authority of Singapore (MAS) and the Brunei Darussalam Central Bank (BDCB) announced their partnership at the fifth BDCB-MAS Bilateral Roundtable in Brunei Darussalam. The meeting reinforced cooperation between the two central banks in financial stability, payments connectivity, and cross-border liquidity management. Both regulators announced plans to commemorate the 60th Anniversary of the Currency Interchangeability Agreement in 2027. A Memorandum of Understanding was signed to establish a reciprocal cross-border collateral arrangement, enabling financial institutions in both jurisdictions to access a wider pool of eligible collateral. This provides greater flexibility in liquidity provisioning and strengthens resilience in regional markets. The roundtable confirmed the long-standing relationship between MAS and BDCB as an important framework for navigating regional economic developments.

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US SEC Division of Corporation Finance Clarifies Application of United States Securities Laws to Liquid Staking

US SEC Division of Corporation Finance Clarifies Application of United States Securities Laws to Liquid Staking

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On 5 August 2025, the United States Securities and Exchange Commission (US SEC) Division of Corporation Finance issued a staff statement addressing the legal status of “Liquid Staking” activities. The statement clarified that Liquid Staking Activities, when conducted within the defined framework, do not constitute the offer or sale of securities under the United States Securities Act of 1933 or the United States Securities Exchange Act of 1934. The US SEC’s position extends its prior guidance on protocol staking and provides detailed analysis of staking receipt tokens. According to the US SEC Division of Corporation Finance, registration obligations arise only where the deposited crypto assets or the staking receipt tokens are structured as investment contracts. While the statement does not carry binding legal effect, it establishes an authoritative interpretive stance on how United States securities laws apply to liquid staking.

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