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Singapore tells crypto companies to put assets in trust

City-state moves ahead with plans to protect consumers despite appeal by Binance

Cryptocurrency companies are coming under tighter scrutiny in Singapore.   © Reuters

SINGAPORE -- Singapore said on Monday it will proceed with plans to tighten rules over cryptocurrency companies, as it steps up scrutiny of the sector after the collapse of major digital asset firms like FTX.

The Monetary Authority of Singapore said it will require digital payment token (DPT) service providers -- as the central bank and financial regulator calls cryptocurrency players -- to place customers' assets in a statutory trust for safekeeping before the end of the year.

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