MAS Singapore introduces new protection measures for investors into digital payment tokens – Bits Media

Monetary control of Singapore (BUT) Isshed updated rules, protecting institutional cryptocurrency investors, investing in digital payment tokens (DPT).

MAS Singapore announced the introduction of new requirements for service providers digital payment tokens (DPT). In particular, The department will oblige DPT service providers to transfer this group of digital assets to the trust management of an independent trust company by the end of the year.

According to the regulator, This will reduce the risk of losing or unlawful use of customer assets, And also facilitate their restoration in case of insolvency of the provider of DPT services. In addition, MAS limits the rights of DPT service providers in promoting lending and storing tokens by their retail customers.

The new rules will oblige DPT service providers to keep separate records of digital assets. Namely, Separate customer assets from their own assets and assets, in confidence management, as well as ensure operational independence of the storage function from the services of other profile business units.

By analogy with the organization of banking, MAS will oblige DPT service suppliers to carry out daily reconciliation of customer assets, maintain operational control and reflect financial transactions in the relevant accounting books.

Previously, the financial regulator of Singapore announced Project Guardian, initiative to develop digital assets standards, admitted to the execution of purchase operations, exchange and storage in the city-state.