The Monetary Authority of Singapore (MAS) will reportedly insist that cryptocurrency firms keep clients’ assets in a designated trust by the end of 2023. 

The step comes several months after the infamous meltdown of FTX, which triggered colossal investor losses. Numerous individuals and entities have blamed the exchange for comingling user funds and scamming customers. 

The New Requirements

As reported by Bloomberg, the Singaporean regulator will enforce the obligation to grant maximum customer protection.

Apart from storing users’ assets in a trust, crypto organizations might be banned from providing lending and staking services to retail investors. It is worth noting that Thailand’s Securities and Exchange Commission (SEC) has also taken a similar measure.

The MAS started contemplating those rules in October 2022, a month before the collapse of FTX, which shocked the entire industry. 

Singapore has recently emerged as a flourishing crypto region, whilst its regulatory framework has attracted multiple firms. The cryptocurrency exchange Gemini announced last month that it will increase its workforce in the city-state by over 100 members. 

For his part, Stuart Aldero