The Monetary Authority of Singapore (MAS) unveiled regulations on 3 July, requiring cryptocurrency service providers to hold customer assets in statutory trusts by the end of the year. These measures aim to guard against the potential loss or misuse of customers assets and ensure a smooth recovery of assets if a digital payment token (DPT) service provider goes insolvent. The new regulations also require the crypto companies to conduct daily reconciliation of customer assets, have proper record-keeping, maintain access and operational controls to customers’ DPTs in Singapore and ensure that the custody function is operationally independent from other business units. Furthermore, the regulator is considering a ban on crypto service providers from enabling retail customers to lend or stake their DPTs.
Source: https://cointelegraph.com
