Singapore forces cryptocurrency exchanges to put customer funds into a trust

I heard that Singapore is forcing cryptocurrency exchanges to transfer customer funds into a trust. Is this true? How does this affect the safety of cryptocurrency investors?

Yes, it's true. Singapore has introduced new regulations requiring exchanges to store customer funds in secure trust accounts. You can read more about it here https://www.thestreet.com/cryptocurrency/singapore-forces-crypto-exchanges-to-move-cryptocurrencies-to-a-trust . This is to ensure the safety of investors, as cryptocurrency exchanges are sometimes subject to hacker attacks and fraud. I don't know if this is the right decision, but that's the way it is and there is no point in discussing it.

This is a really good step to protect investors. Trusts provide an extra layer of security as they have to comply with strict financial standards and regulations. It also helps build confidence in the cryptocurrency markets in Singapore.

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