Singapore Banks Ordered to Report Cryptographic Assets as Quantum Threat Looms

Singapore's financial regulator, the Monetary Authority of Singapore (MAS), is requiring banks to report their use of cryptographic assets. This is not about disclosing cryptocurrency holdings, but rather identifying where encryption keys, digital certificates, signatures, and algorithms are used across banking operations.

The MAS will issue formal supervisory expectations later in 2026, with progressive deadlines for banks to identify their cryptography, rank vulnerable systems, and prepare replacements that can resist future quantum attacks.

Banks must maintain an internal inventory showing where cryptography is used, including mobile banking systems, payment authorization, customer databases, internal communications, cloud platforms, and services supplied by external technology companies. They must also identify which systems rely on algorithms that powerful quantum computers may eventually be able to break.