Singapore’s MAS Orders Crypto Firms to Safeguard Customer Assets in a Trust by Year-End

“This latest tightening of retail access to crypto should be no surprise to anyone following the Singapore market,” said Angela Ang, Senior Policy Advisor for blockchain intelligence firm TRM Labs and former MAS regulator. “MAS’ decision to hold back on certain proposals, such as requiring an independent custodian for customer assets, shows it’s listening to the industry and is sensitive to practical considerations such as a dearth of third-party custodians.”