Singapore legislation
Regulation 18C
Regulation 18C
General requirements in respect of customer assets
Subregulation 1
A licensee that provides a digital payment token service —
must treat and deal with all assets received from, or on account of, a customer as belonging to the customer;
subject to paragraph (2), must not commingle assets belonging to a customer with other assets;
subject to paragraphs (3) and (4), must not transfer any right, interest, benefit or title in any assets that are deposited in a trust account to itself or any other person; and
must apply any assets belonging to a customer that are deposited in a trust account solely for any purpose that may be agreed to by the customer.
Subregulation 2
Despite paragraph (1)(b), a licensee may —
deposit any assets belonging to a customer in a trust account together with, and commingled with, assets belonging to —
other customers of the licensee; or
customers of the safeguarding person with which the trust account is maintained (but not the licensee, even if the licensee is such a customer); and
deposit its own assets in a trust account together with, and commingled with, assets belonging to a customer in order to —
open the trust account; or
facilitate the settlement of fees arising from a transaction carried out on behalf of a customer in accordance with the customer’s written instructions.
Subregulation 3
Despite paragraph (1)(c), a licensee may transfer any right, interest, benefit or title in any assets from a trust account to itself or another person if the transfer is authorised by the customer’s specific written instructions given before the transfer.
Subregulation 4
Despite paragraph (1)(c), a licensee may transfer its own assets deposited in a trust account in accordance with paragraph (2)(b), and any return arising on those assets, to itself.