The Monetary Authority of Singapore (MAS) has announced new investor protection measures for #Digital #Payment Token (DPT) service providers, which could have global implications for digital finance operations.
✅ DPT service providers will be required to safekeep customer assets under a statutory trust, reducing risk of asset loss/misuse.
✅ Facilitating lending and staking of DPT tokens by retail customers will be prohibited, safeguarding consumer interests.
These measures were introduced following an October 2022 public consultation that gained wide support for such changes.
MAS is now looking for public feedback on the draft legislative amendments that put these measures into practice. A significant stride towards robust governance and secure practices for digital payments, these changes underline the importance of compliance and regulatory expertise in today’s evolving financial landscape.