Singapore Seeks To Ban Crypto Lending, Staking – Crypto News – Crypto News
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Singapore Seeks To Ban Crypto Lending, Staking – Crypto News

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3 years ago

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Crypto News: The global digital asset industry is trading under increased uncertainty as the top financial watchdogs are still engaged in building regulations around it. In a bid to safeguard investors’ funds, the Monetary Authority of Singapore (MAS) is seeking to inflict a trust requirement on crypto exchanges.

Also Read: XRP Escrow Unlocked; Will Whales Scoop More XRP?

According to reports, the MAS on Monday asked the cryptocurrency exchanges operating in the country to move customer assets in trust. The crypto exchanges are required to follow the guidelines and shift assets before the end of 2023. This move comes in to protect the crypto assets from the implosions like FTX disaster.

It added that Singapore is also moving ahead with a motion to ban lending and staking programs for retail investors.

(THIS IS A DEVELOPING STORY)

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Ashish believes in Decentralization and has a keen interest in evolving Blockchain technology, Cryptocurrency ecosystem, and NFTs. He aims to create awareness around the growing Crypto industry through his writings and analysis. When he is not writing, he is playing video games, watching some thriller movie, or is out for some outdoor sports. Reach me at ashish@coingape.com

The content presented may include the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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