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MAS Launches Gold Vaulting Service, Revises Wholesale GST Framework

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MAS Launches Gold Vaulting Service, Revises Wholesale GST Framework

The Monetary Authority of Singapore (MAS) has launched a gold vaulting service for foreign central banks, international financial institutions and sovereign entities as part of efforts to develop Singapore into a regional gold trading centre.

MAS will store the gold in Singapore’s national currency vault, which has a capacity of up to 500 tonnes, with room to expand as demand grows.

MAS will also offer gold custody accounts to select Singapore-based bullion banks with experience in providing gold-related services and trading liquidity to these institutions.

The service provides an additional sovereign custody option in Singapore, combining secure, allocated custody, reliable servicing and access to gold market liquidity during Asian trading hours.

MAS and the Ministry of Finance (MOF) will introduce an enhanced GST framework for wholesale investment precious metals (IPM) gold market activities.

Building on existing GST measures for IPM, the framework extends the GST waiver to specified wholesale IPM-related services between institutional participants covered by the framework.

The change aims to align GST treatment more closely with wholesale Loco Singapore gold market activities, where participants do not intend the gold for domestic consumption.

MAS and MOF expect the enhanced framework to take effect from April 2027 and will announce further details at Budget 2027.

SGX Group and six founding clearing banks are working towards completing preparations for an over-the-counter (OTC) gold clearing system by the end of 2026, following a MoU signed in June.

Industry participants have completed testing of the clearing system and will finalise its rulebook soon.


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