{"id":81119,"date":"2023-07-03T13:33:11","date_gmt":"2023-07-03T10:33:11","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=81119"},"modified":"2025-09-11T21:02:32","modified_gmt":"2025-09-11T18:02:32","slug":"singapores-mas-orders-bitcoin-exchanges-to-move-crypto-assets-into-trusts","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/singapores-mas-orders-bitcoin-exchanges-to-move-crypto-assets-into-trusts\/","title":{"rendered":"Singapore&#8217;s MAS orders bitcoin exchanges to move crypto assets into trusts"},"content":{"rendered":"<p>By the end of the year, bitcoin exchanges serving users in Singapore must transfer client digital assets to trusts under fiduciary management. This follows an <a href=\"https:\/\/www.mas.gov.sg\/news\/media-releases\/2023\/mas-publishes-investor-protection-measures-for-digital-payment-token-services\">order<\/a> from the local regulator.<\/p>\n<p><span data-descr=\"Monetary Authority of Singapore\" class=\"old_tooltip\">MAS<\/span><a href=\"https:\/\/u1f987.com\/en\/news\/mas-proposes-tighter-oversight-of-the-crypto-industry\"> has floated<\/a> a similar recommendation for stakeholder consultation in October 2022 ahead of the <a href=\"https:\/\/u1f987.com\/en\/news\/ftx-group-files-for-bankruptcy-sam-bankman-fried-resigns-as-ceo\">FTX collapse<\/a>.<\/p>\n<p>The Monetary Authority of Singapore will also require platforms to wind down lending and staking operations for retail investors. Institutional and accredited investors will retain access to these services.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>&#8216;Regulations in themselves cannot protect consumers from all losses, given the exceptionally high risk and speculative nature of trading digital payment tokens,&#8217;<\/em> \u2014 the statement said.<\/p>\n<\/blockquote>\n<p>The central bank urged investors to exercise &#8216;extreme caution&#8217; when engaging in such activities.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>&#8216;MAS&#8217;s decision to refrain from adopting certain proposals such as a requirement for an independent custodian shows that the regulator is listening to industry voices. It also takes into account practical considerations like the scarcity of such participants,&#8217;<\/em>\u2014<a href=\"https:\/\/www.coindesk.com\/policy\/2023\/07\/03\/singapores-mas-orders-crypto-firms-to-keep-customer-assets-in-a-trust-by-year-end\/\"> \u0437\u0430\u044f\u0432\u0438\u043b\u0430<\/a> Angela Ang, Senior Policy Advisor at TRM Labs.<\/p>\n<\/blockquote>\n<p>Earlier in June, the Monetary Authority of Singapore<a href=\"https:\/\/u1f987.com\/en\/news\/singapores-central-bank-reviews-tokenisation-and-defi-protocols\"> considered<\/a> aspects of tokenisation and DeFi protocols.<\/p>\n<p>Earlier, MAS Chair Tharman Shanmugaratnam proposed <a href=\"https:\/\/u1f987.com\/en\/news\/mas-proposes-treating-cryptocurrency-regulation-on-a-par-with-tradfi\">to bring cryptocurrency regulation in line with <span data-descr=\\\"Traditional finance\\\" class=\\\"old_tooltip\\\">TradFi<\/span><\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>By the end of the year, bitcoin exchanges serving Singapore-based users must transfer client digital assets to trusts under fiduciary management. This follows an order from the local regulator.<\/p>\n","protected":false},"author":1,"featured_media":81120,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1166,36,946],"class_list":["post-81119","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-centralized-exchanges-cex","tag-regulation","tag-singapore"],"aioseo_notices":[],"amp_enabled":true,"views":"22","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/81119","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=81119"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/81119\/revisions"}],"predecessor-version":[{"id":81121,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/81119\/revisions\/81121"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/81120"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=81119"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=81119"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=81119"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}