Singapore's MAS Implements New Rules for Crypto Firms to Safeguard Customer Assets

The Monetary Authority of Singapore (MAS) has announced that crypto service providers in Singapore must deposit customer assets in a statutory trust by the end of the year to enhance customer protection and mitigate the risk of loss or misuse of assets. The MAS has also restricted lending and staking of tokens to retail customers, while institutional and accredited investors can still access these services. The MAS is seeking public feedback on legislative amendments related to these requirements and may reconsider its position on banning certain activities in the future. Singapore aims to support technological advancements in the crypto industry while cracking down on bad behavior.