Singapore: Opened consultation on measures to reduce consumer risks from cryptocurrency trading

On 26 October 2022, the Monetary Authority of Singapore (MAS) published a consultation on its Proposed Regulatory Measures for Digital Payment Token Services. Aiming to reduce consumer risks from the trading of cryptocurrencies, MAS proposes to impose the following requirements on digital payment tokens service providers (DPT): (1) establishing consumer access to information to allow them to adopt informed decisions regarding cryptocurrency trading; (2) implementing segregation of customers’ assets, mitigating potential conflicts of interest, and establishing processes for complaints; and (3) maintaining high availability and recoverability of their critical systems in relation to technological risks. The consultation closes on 21 December 2022.