Singapore’s MAS To Bring New Rules To Eliminate Retail Crypto Speculation
Singapore regulators are working on new rules in order to curb speculative trading among retail crypto players. One of the major proposals is barring retail players from borrowing money for crypto trading.
Singapore Central Bank on Crypto Rules
According to Singapore’s central bank – the Monetary Authority of Singapore – companies providing digital payment tokens won’t be allowed to offer rewards for regular people trading cryptocurrencies or provide loans, margin trading, or leverage transactions. They also can’t accept credit card payments issued in Singapore.
These rules now apply to all investors, not just those in Singapore, and cover incentives like referrals and learning programs. The MAS plans to introduce these changes gradually from mid-2024.
Singapore, a major crypto hub in Asia, is taking steps to reduce exposure to digital asset speculation following incidents like the Three Arrows Capital hedge fund collapse. Previous measures aimed at limiting retail involvement include considering a ban on lending and staking.
However, according to Ho Hern Shin, the Deputy Managing Director for Financial Supervision at MAS, even the proposed measures can’t fully protect customers from the inherent speculation and high risk in cryptocurrency trading. He emphasized that people should avoid dealing with unregulated entities, including those based overseas.
The post Singapore’s MAS To Bring New Rules To Eliminate Retail Crypto Speculation appeared first on CoinGape.
Read More
New York lawmaker introduces bill to tax digital asset sales and transfers
New York lawmakers propose crypto tax to fund school programs
Singapore’s MAS To Bring New Rules To Eliminate Retail Crypto Speculation
Singapore regulators are working on new rules in order to curb speculative trading among retail crypto players. One of the major proposals is barring retail players from borrowing money for crypto trading.
Singapore Central Bank on Crypto Rules
According to Singapore’s central bank – the Monetary Authority of Singapore – companies providing digital payment tokens won’t be allowed to offer rewards for regular people trading cryptocurrencies or provide loans, margin trading, or leverage transactions. They also can’t accept credit card payments issued in Singapore.
These rules now apply to all investors, not just those in Singapore, and cover incentives like referrals and learning programs. The MAS plans to introduce these changes gradually from mid-2024.
Singapore, a major crypto hub in Asia, is taking steps to reduce exposure to digital asset speculation following incidents like the Three Arrows Capital hedge fund collapse. Previous measures aimed at limiting retail involvement include considering a ban on lending and staking.
However, according to Ho Hern Shin, the Deputy Managing Director for Financial Supervision at MAS, even the proposed measures can’t fully protect customers from the inherent speculation and high risk in cryptocurrency trading. He emphasized that people should avoid dealing with unregulated entities, including those based overseas.
The post Singapore’s MAS To Bring New Rules To Eliminate Retail Crypto Speculation appeared first on CoinGape.
Read More
New York lawmaker introduces bill to tax digital asset sales and transfers