MAS to tighten crypto rules for Singapore retail customers
channelnewsasia.comSINGAPORE: The Monetary Authority of Singapore (MAS) will introduce a slew of measures to tighten regulations for digital payment token (DPT), or cryptocurrency, service providers in Singapore, including the prohibition of payments via locally issued credit cards.
The authority on Thursday (Nov 23) announced its final set of responses to feedback received on its proposed regulations, which detail business conduct and consumer access measures to “limit potential consumer harm”.
The proposals also stipulate minimum technology and cyber risk management requirements for DPT service providers. MAS first proposed measures to protect customers from the risks of cryptocurrency trading in October 2022.
It covered three areas: Consumer access, business conduct and technology risks. It published the first tranche of consultation responses and proposed legislative amendments in July, focusing on the requirements for segregation and custody of customers’ assets.
