Singapore Tightens Crypto Regulations with New Custody and Transfer Rules

The Monetary Authority of Singapore expands its regulatory framework to include token custody and fund transfers, aiming for enhanced user and financial stability.

• The Monetary Authority of Singapore (MAS) announces expanded crypto regulations to include custody of tokens and fund transfers, effective April 4.
• New measures are part of Singapore's efforts to establish a tightly regulated digital asset hub, enhancing user protection and financial stability.
• Regulations now cover custodial services for digital payment tokens, cross-border money transfers, and the facilitation of token transmission.
• Entities providing these services must comply with anti-money laundering and counter-terrorism financing requirements, along with user protection guidelines.
• License applications for affected entities are due within six months, with a transition period provided for compliance.

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