Open questions at mid-2026

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Three questions remained unsettled on 30 June 2026. The first is whether the risk awareness assessment will acquire a validity period. MAS reserved the point in 2023 and the industry has lobbied against re-assessment, which would impose friction on active customers. The second is whether the prohibition on margin and leveraged transactions will be relaxed for a defined class of experienced retail customers, as Hong Kong has done for certain products. MAS has given no indication that it will. The third is how the measures apply to retail customers who hold MAS-regulated stablecoins, which are not DPTs and therefore fall outside the measures, but which are traded on the same platforms as DPTs. The stablecoin framework discussed in Chapter VI resolves the classification but not the customer experience, and licensees have had to build parallel onboarding flows for stablecoin-only customers.

For general information only. This article does not constitute legal or tax advice, does not replace advice on an individual case and creates no lawyer-client relationship. It reflects the legal position as of October 2026.

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Dr Alexander Ressos, TEP

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I am Of Counsel with KGP Legal LLC in Singapore, where I work with a global client base of successful entrepreneurs and their families, independent asset managers, commodity trading houses and other commercial clients. I am a German and Swiss attorney-at-law, also admitted as a solicitor in England & Wales and in Hong Kong. I divide my time between Zug in Switzerland, Singapore and Hong Kong. Since 2017 I have advised international clients on more than 700 crypto and digital asset projects. I also have extensive experience in cross-border litigation and arbitration in Singapore, Hong Kong and other markets in South-East Asia and Greater China.

I operate across the key financial centres in South-East Asia, the Middle East and Switzerland, with a particular focus on asset protection, international tax and estate planning, as well as trusts, company administration and other fiduciary services. My philosophy is to serve as a trusted advisor working closely with my clients and to help them achieve their commercial objectives.

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SingaporeIQ is edited by Dr Alexander Ressos, an international business lawyer with more than 15 years of local experience in Singapore as a permanent resident, a Singapore registered foreign lawyer and managing partner of a Singapore foreign law practice. In addition to significant experience in cross-border investments and transactions, UHNWI private client work and sanctions/export controls, Dr Ressos has extensive experience in cross-border business and in crypto and digital-asset projects in Singapore, drawn from more than 700 projects since 2017.

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