The Monetary Authority of Singapore has launched a central-bank gold vaulting service and announced a broader Goods and Services Tax framework for wholesale investment-precious-metal activities.
The custody service opened on 10 November for foreign central banks, international financial institutions and sovereign entities. Selected Singapore bullion banks will also be offered custody accounts. Gold will be held in the national currency vault, which MAS says can store up to 500 tonnes and can be expanded.
Separately, MAS and the Ministry of Finance will extend the existing GST waiver to specified wholesale services between institutional participants, including vaulting, refining or recasting, assaying and broking. Import and local supply of qualifying investment precious metals are already exempt. The revised framework is expected to take effect in April 2027, with further details due in the 2027 Budget.
The vaulting service is operational now; the tax change is announced policy rather than an immediately effective exemption. Singapore’s over-the-counter gold clearing system is expected to begin live operations in the first quarter of 2027.
