MAS publishes investor protection measures for digital payment token services
The Monetary Authority of Singapore (MAS) announced new requirements for Digital Payment Token (DPT) service providers to safekeep customer assets under a statutory trust before the end of the year (2023). This will mitigate the risk of loss or misuse of customers’ assets, and facilitate the recovery of customers’ assets in the event of a DPT service provider’s insolvency. MAS will also restrict DPT service providers from facilitating lending and staking of DPT tokens by their retail customers. [Read more at the MAS]
Thai SEC issues new rules for crypto firms, bans lending services
The Thailand Securities and Exchange Commission (SEC) has issued a new set of guidelines for crypto platforms including banning them from offering lending services to customers. These firms will have to disclose a warning about potential risks associated with cryptocurrency trading. Digital asset business operators will also have to provide investment suitability assessment results before customers begin trading. Additionally, customers will need to give their consent and acknowledge the risks of crypto trading before they proceed. [Read more at the SEC]
RBNZ ramps up monitoring of stablecoins and crypto-assets
The Reserve Bank of New Zealand (RBNZ) will increase its monitoring of the sector rather than take immediate regulatory action. The central bank acknowledges that there are significant risks from stablecoins and other private money innovations, but there are also opportunities, along with significant uncertainties about how the sector will develop and where the optimal balance will lie. But central bank agrees that caution is needed, which reinforces the need for enhanced data and monitoring to build understanding. [Read more at the RBNZ]
*For those interested in intra-day updates, check out my searchable Diigo Fintech developments database, which is also a good place to go to query for past developments: https://www.diigo.com/user/kiffmeister/ART.
Upcoming conferences, webinars and speaking engagements:
- I’ll be participating in Currency Research’s in-person Global Payments Summit in Cape Town from June 28 to 30. [Register here]
- I’ll be lecturing at the Digital Euro Association (DEA) Digital Money Academy on July 27, 2023. [Register here]
Kiffmeister’s global central bank digital currency monthly monitor
Just a reminder that I produce a monthly digest of central bank digital currency (CBDC) developments exclusively for the official sector. So for any of you out there who work for a central bank, ministry of finance or international financial institution who would like to receive it by email on the first business day of every month, please DM me on LinkedIn or email me at chronicles@kiffmeister.com.
The Sovereign Official Digital Association (SODA) is a technology-agnostic firm offering advisory services at the intersection of central banking, digital finance and the web3 industry, aiming to make public digital money a reality. SODA believes institutions in the existing financial ecosystem should have access to the tools and resources they need to move from discussion to action. SODA offers ‘real life’ use cases to help test digital money and drive adoption as central banks and other public institutions explore the future of a more financially inclusive world powered by interoperable blockchain-based networks. SODA would love you to join us on this journey – please get in touch (chris@sodapublicmoney.org).
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