The Monetary Authority of Singapore (MAS) has announced plans to require cryptocurrency exchanges to hold customer assets in a trust by year-end, as part of efforts to safeguard funds following the collapse of the FTX crypto exchange. The proposed rules entail daily reconciliation of customer assets, proper record keeping, and access and operational controls for customers' digital payment tokens (DPTs).

Additionally, Singapore intends to proceed with a ban on lending and staking activities for retail investors, claiming such activities are unsuitable for the public. Crypto firms will still be allowed to offer these services to institutional and accredited investors. The tightening of crypto regulations follows public consultation in October 2022 and reinforces Singapore's ongoing push for stronger industry measures.