Crypto service providers in Singapore would need to deposit customer assets under a statutory trust before the end of the year for safekeeping, the Monetary Authority of Singapore (MAS) announced on Monday.

The requirement comes after the MAS received public consultation around enhancing customer protection initiated in October 2022.

The MAS has also restricted cryptocurrency service providers from facilitating lending and staking of tokens by their retail customers but institutional and accredited investors could continue to be provided the service.

Singapore’s central bank has also asked for public feedback on legislative amendments focused on the implementation of the latest requirements.

This is a developing story …