Custodial Services

Singapore Enacts Licencing Requirements for Crypto Custody Services and Others

by
Singapore Enacts Licencing Requirements for Crypto Custody Services and Others

[ad_1] The legislation was passed in 2021 with amendments to the Payment Services Act (PS Act), the framework to regulate payment service providers. It was supposed to be enacted in the fourth quarter of 2021, but the MAS made the changes live only on Tuesday. Since 2021, the cryptocurrency sector has seen huge turmoil with … Read more

Hong Kong's Central Bank Issues Guidance for Firms Offering Crypto Custodial Services

by
Hong Kong's Central Bank Issues Guidance for Firms Offering Crypto Custodial Services

[ad_1] The collapse of FTX, Terra, and Three Arrows have led authorities to frame regulations or guidance to protect customers from inadequacies in the digital asset industry. The HKMA document says firms should hold clients’ digital assets in separate accounts segregated from the firm’s own assets in the event of insolvency. Companies should prevent the … Read more