Singapore legislation
Regulation 18E
Regulation 18E
Requirements in respect of trust account maintained by licensee itself
A licensee that provides a digital payment token service that deposits assets belonging to a customer in a trust account maintained by the licensee itself must, before depositing any assets belonging to a customer in the trust account, disclose in writing to the customer —
whether or not the assets will be deposited in the trust account together with, and commingled with, assets belonging to other customers of the licensee;
if the assets will be so deposited and commingled, the risks arising from the commingling;
the terms and conditions that would apply to the licensee’s safeguarding of the assets; and
the consequences for the customer in respect of the assets if the licensee becomes insolvent.