Singapore Tells Crypto Platforms to Keep Client Money in a Trust
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Singapore will require cryptocurrency exchanges to keep customer assets in a trust before the end of the year, part of efforts to ensure funds are safeguarded following the implosion of FTX in November.
The city-state will also push ahead with a proposal to ban lending and staking for retail investors, the Monetary Authority of Singapore said in a statement on Monday. MAS started a consultation on those measures in October last year, just before FTX unraveled.