“This newest tightening of retail entry to crypto must be no shock to anybody following the Singapore market,” mentioned Angela Ang, Senior Coverage Advisor for blockchain intelligence agency TRM Labs and former MAS regulator. “MAS’ choice to carry again on sure proposals, comparable to requiring an unbiased custodian for buyer belongings, reveals it’s listening to the trade and is delicate to sensible concerns comparable to a dearth of third-party custodians.”