Singapore Central Bank Orders Crypto Exchanges to Transfer Crypto Assets to Trusts
Main page News, Cryptocurrency Exchanges, Singapore

The Monetary Authority of Singapore (MAS) has ordered exchanges that offer their services to users in Singapore to transfer before the end of the year customers' digital assets to trusts.

The regulator made a similar recommendation to stakeholders in October 2022 prior to the collapse of FTX.

The MAS will also require platforms to reduce lending and staking operations for retail investors, while institutional and accredited investors will retain access to these services.

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According to the statement:

"Regulations alone cannot protect consumers from all losses, given the extremely high risk and speculative nature of DPT trading."

The country's central bank has urged investors to exercise "utmost caution" when engaging in such transactions.

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