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In Singapore, the Monetary Authority of Singapore (MAS) has taken a proactive lead with its Guidelines on the Provision of Consumer Protection Safeguards by Digital Payment Token (DPT) Service Providers (PS-G03), a comprehensive framework that took full effect on 19 June 2025.
This blog goes into what the recent update to the guideline entails, and how Independent Reserve safeguards customers’ assets.
What is MAS Guidelines PS-G03?
The Monetary Authority of Singapore (MAS) issued PS-G03 to address growing risks in the rapidly evolving crypto asset sector. The guidelines aim to strengthen consumer protection, prevent loss or misuse of assets, and ensure clear and fair conduct by Digital Payment Token (DPT) service providers operating in Singapore.
The initiative reflects MAS’s broader objective of anchoring credible, responsible players in the digital asset ecosystem, while mitigating speculative harm, especially for retail customers.
Key areas of regulations
Safeguarding of customer assets
- DPTs and fiat funds must be segregated from company assets.
- Use of trust accounts and safeguarding personnel is guided by strict written terms.
- At least 90% of customer cryptocurrency assets should be stored in cold wallets.
- Clear disclosure obligations, including storage, insurance, and liability terms.
Retail customer protections
- Risk awareness assessments are required before onboarding retail customers.
- Strict ban on credit, leverage, and derivative exposure for retail users.
- Prohibition of incentives, including sign-up bonuses, referrals, and trading rewards.
Is Independent Reserve safe?
While the MAS guidelines are new, security, segregation of assets, and operational transparency been central to Independent Reserve’s operations since we launched in Singapore.
1:1 reserves & asset segregation
From day one, Independent Reserve has maintained full 1:1 reserves for all customer assets. Our customers’ assets are never lent out, commingled with company funds, or used for proprietary purposes. We maintain clearly segregated custody arrangements, ensuring your digital assets remain your own, at all times.
Cold storage security
Most cryptocurrency is stored in cold storage using highly secure, geographically dispersed vaults. These vaults are protected by multiple layers of encryption, multi-signature withdrawal protocols, and strict access controls that require multiple employees and approvals. These systems also include redundancies and survivorship procedures to ensure funds can be recovered even in the event of a catastrophic incident.
Account security
All Independent Reserve accounts are subject to robust account security, including 2FA with Google Authenticator and optional SMS backup, instant email alerts for each login, and duress password-triggered account suspension. To protect funds, crypto and instant withdrawals are locked for 72 hours after account changes, and withdrawals to new addresses require SMS confirmation.
Additional safeguards include address and browser whitelisting and an automated bot shield to block brute force attacks.
Audited, certified, and transparent
Independent Reserve received the ISO27001 certification since 2021 and our operations are subject to regular independent audits, and our financials are fully transparent.
Frequently asked questions
Is Independent Reserve regulated by MAS?
Yes. Independent Reserve is a MAS-licensed DPT service provider under the Payment Services Act and adheres fully to all applicable regulatory requirements.
Is 2FA required on Independent Reserve?
Yes, all accounts are protected with two-factor authentication (2FA) via Google Authenticator, with optional SMS backup. We strongly encourage enabling 2FA for maximum protection.
What is “cold storage” and how does it protect my crypto?
Cold storage refers to offline wallets not connected to the internet, making them significantly less vulnerable to hacking. At Independent Reserve, over 90% of customer crypto assets are held in cold storage.
