MAS finalised the proposed regulatory measures to mitigate the risk of consumer harm from cryptocurrency trading in July and November 2023. The enhanced measures include requirements for DPT service providers to segregate customers’ assets and hold the assets on trust, as well as put in place adequate risk management controls. DPT service providers are also required to implement business conduct measures to address risks arising from conflicts of interest, provide clear disclosures and implement consumer access safeguards when serving retail customers. Other measures include enhanced technology and cyber risk management measures to maintain high availability and recoverability of critical systems. These measures will be implemented in phases starting from mid-2024.

Finalisation of the stablecoin regulatory framework

15 August 2023

MAS announced a new regulatory framework that seeks to ensure a high degree of value stability for stablecoins regulated in Singapore. The regulatory framework takes into account feedback received, following an October 2022 public consultation. The framework will apply to single-currency stablecoins pegged to the Singapore Dollar or any G10 currency, that are issued in Singapore.

MAS partners policymakers to foster responsible digital asset innovation

30 October 2023 

MAS established a Project Guardian policymaker group comprising Japan’s Financial Services Agency, the Swiss Financial Market Supervisory Authority and the UK’s Financial Conduct Authority to advance digital asset pilots in fixed income, foreign exchange and asset management products. MAS welcomed the International Monetary Fund to the Project Guardian policymaker group in November 2023 to provide an international perspective on the policies and legal issues that would facilitate cooperation around cross-border platforms and preserve the stability of the international monetary system.