Singapore tells crypto companies to put assets in statutory trust

Singapore tells crypto companies to put assets in statutory trust

FILE PHOTO: Souvenir tokens representing cryptocurrency Bitcoin plunge into water in this illustration taken May 17, 2022. REUTERS/Dado Ruvic//File Photo

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.

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