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The Monetary Authority of Singapore (MAS) will reportedly insist that cryptocurrency companies keep customer assets in a designated trust until the end of 2023.
The move comes several months after the infamous FTX meltdown, which caused huge losses for investors. Several individuals and entities have accused the exchange of siphoning off user funds and defrauding customers.
new requirements
As informed of By Bloomberg, Singapore’s regulator will enforce the obligation to provide maximum customer protection.
In addition to storing users’ assets in a trust, crypto organizations may be prohibited from providing loans and staking services to retail investors. Significantly, the Securities and Exchange Commission (SEC) of Thailand has also took a similar solution.
MAS began considering 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 sector, while its regulatory framework has attracted many companies. cryptocurrency exchange gemini announced Last month it said it would increase its workforce in the city-state by more than 100 members.
On your part, Stuart Alderotti – Ripple’s Chief Legal Officer – Thrown light on Singapore’s approach to the sector, saying that it has “established a workable framework that truly unites consumer protection, market integrity and innovation.”
His comments came shortly after Ripple obtained In-principle payment license from MAS. Remember that the enterprise blockchain provider has long running feud With the SEC in the United States.
Crypto adoption is booming in Singapore
Given the increasing number of locals joining the ecosystem recently, it seems fitting to provide additional protections to Singaporean crypto participants.
independent reserve estimated One of its polls states that 43% of Singapore residents own some amount of digital assets (a level unprecedented since the 2021 bull market).
54% have taken steps to diversify their portfolios, while half of investors who bought cryptocurrencies in the past year did so following advice from family members, friends or influenced by social media. Bitcoin is the most popular digital asset in Singapore, with 87% of people aware of it. Ethereum is in second place with 51%.
“The growing popularity of altcoins shows that more Singaporeans are beginning to gain greater awareness of cryptocurrencies other than bitcoin.
This is a promising sign for the industry as more investors gain exposure to a variety of blockchains and projects that have the potential to be more widely adopted for innovative utility and real-world applications and use cases,” Lasanca Pereira – CEO of Independent Reserve Singapore – said.
Binance Free $100 (Exclusive): Use this link to register and get $100 free and 10% off fees on Binance Futures for the first month. (terms).
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The Monetary Authority of Singapore (MAS) will reportedly insist that cryptocurrency companies keep customer assets in a designated trust until the end of 2023.
The move comes several months after the infamous FTX meltdown, which caused huge losses for investors. Several individuals and entities have accused the exchange of siphoning off user funds and defrauding customers.
new requirements
As informed of By Bloomberg, Singapore’s regulator will enforce the obligation to provide maximum customer protection.
In addition to storing users’ assets in a trust, crypto organizations may be prohibited from providing loans and staking services to retail investors. Significantly, the Securities and Exchange Commission (SEC) of Thailand has also took a similar solution.
MAS began considering 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 sector, while its regulatory framework has attracted many companies. cryptocurrency exchange gemini announced Last month it said it would increase its workforce in the city-state by more than 100 members.
On your part, Stuart Alderotti – Ripple’s Chief Legal Officer – Thrown light on Singapore’s approach to the sector, saying that it has “established a workable framework that truly unites consumer protection, market integrity and innovation.”
His comments came shortly after Ripple obtained In-principle payment license from MAS. Remember that the enterprise blockchain provider has long running feud With the SEC in the United States.
Crypto adoption is booming in Singapore
Given the increasing number of locals joining the ecosystem recently, it seems fitting to provide additional protections to Singaporean crypto participants.
independent reserve estimated One of its polls states that 43% of Singapore residents own some amount of digital assets (a level unprecedented since the 2021 bull market).
54% have taken steps to diversify their portfolios, while half of investors who bought cryptocurrencies in the past year did so following advice from family members, friends or influenced by social media. Bitcoin is the most popular digital asset in Singapore, with 87% of people aware of it. Ethereum is in second place with 51%.
“The growing popularity of altcoins shows that more Singaporeans are beginning to gain greater awareness of cryptocurrencies other than bitcoin.
This is a promising sign for the industry as more investors gain exposure to a variety of blockchains and projects that have the potential to be more widely adopted for innovative utility and real-world applications and use cases,” Lasanca Pereira – CEO of Independent Reserve Singapore – said.
Binance Free $100 (Exclusive): Use this link to register and get $100 free and 10% off fees on Binance Futures for the first month. (terms).
PrimeXBT SPECIAL OFFER: Use this link to register and enter the code CRYPTOPOTATO50 to receive up to $7,000 on your deposit.
