TechFlow reported, according to Bloomberg, Singapore has required cryptocurrency exchanges to hold customer assets in trust by the end of this year.
In a statement on Monday, the Monetary Authority of Singapore said it will also move forward with a proposal to ban retail investors from borrowing and staking. Last October, prior to the FTX collapse, regulator MAS had initiated consultations on these measures. Singapore's action comes after consultations aimed at strengthening its digital asset regulatory framework, while other jurisdictions like Hong Kong are striving to attract more individual and institutional participants into the industry.
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