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Description

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.

Original source

Scope

Policy Area
Other operating condition
Policy Instrument
Consumer protection regulation
Regulated Economic Activity
digital payment provider (incl. cryptocurrencies)
Implementation Level
national
Government Branch
executive
Government Body
central bank

Complete timeline of this policy change

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2022-10-26
in consultation

On 26 October 2022, the Monetary Authority of Singapore (MAS) published a consultation on its Propo…

2022-12-21
processing consultation

On 21 December 2022, the Monetary Authority of Singapore (MAS) closed the consultation on its Propo…