MAS launches gold custody services and expands GST exemption for wholesale gold

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MAS has launched gold custody services for foreign central banks, international financial institutions, and sovereign entities, with gold held in a local vault in Singapore. The vault has a capacity of up to 500 tonnes, and MAS will also provide gold custody accounts to selected bullion banks in Singapore. MAS and the Ministry of Finance plan to extend the GST exemption to designated wholesale precious metals services between institutions covered by the framework, with the change expected to take effect in April 2027.