SINGAPORE WANTS CRYPTO FIRMS TO KEEP CLIENT FUNDS IN A TRUST

Summary from the TLDR Crypto newsletter

Singapore's Monetary Authority has introduced a new mandate for crypto firms to separately store their customers' digital assets in a trust by year-end, enhancing protection against potential insolvency and misuse. Measures include daily reconciliation, maintenance of proper records, custody services operation, and clear risk disclosures to customers. Crypto platforms will additionally be restricted from facilitating lending and staking services to retail customers, save for self-staking. These developing regulations aim to protect consumers from the volatility of crypto trading while urging increased vigilance in dealing with unregulated entities. The proposed regulations are open for public response until August 3.