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<p>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.</p>
<h3 id="singapore-central-bank-on-crypto-rules">Singapore Central Bank on Crypto Rules</h3>
<p>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.</p>
<p>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.</p>
<p>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.</p>
<p>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 <a rel="noopener noreferrer nofollow" href="https://www.bnnbloomberg.ca/singapore-plans-more-rules-to-curb-retail-crypto-speculation-1.2002490" target="_blank">emphasized</a> that people should avoid dealing with unregulated entities, including those based overseas.</p>
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            <p>The Monetary Authority of Singapore (MAS) has issued the final guidelines after gathering feedback on its proposals for digital payment token services released in October of the previous year.</p>
            <p>Among the additional requirements, cryptocurrency firms needto ensure the high availability and recoverability of critical systems, similar to the obligations imposed on banks. Additionally, these crypto firms should establish processes to address customer complaints and resolve disputes, as outlined by the MAS.</p>
            <h3 id="mas-leading-all-regulatory-activities">MAS Leading All Regulatory Activities</h3>
            <p>The Monetary Authority of Singapore (MAS) has been at the forefront of introducing key measures in driving crypto regulations in the country. Earlier this week, the MAS introduced <a href="https://coingape.com/singapore-approves-license-to-stablecoin-issuers-eyes-127-bln-market/" target="_blank" rel="noopener noreferrer nofollow">principle measure</a>s for stablecoin issuers operating in the country.</p>
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                        <p>The decision aims at supporting Singapore’s counterparts in bolstering the stablecoin market within the country. Moreover, the goal of the MAS is to establish Singapore as a financial hub for a significant segment of the crypto industry in Asia.</p>
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                       Last week, the Singapore central bank also unveiled new initiatives for the trials of wholesale CBDCs. The central bank has introduced <a href="https://coingape.com/mas-unveils-new-initiatives-including-live-wholesale-cbdc-trials-in-singapore/" target="_blank" rel="noopener noreferrer nofollow">initiatives</a> to address the safety and innovation aspects of Digital Money, Wholesale Central Bank Digital Currency (CBDC), and the development of Singapore dollar infrastructure
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<p>The post <a rel="noopener noreferrer nofollow" href="https://coingape.com/singapore-mas-to-bring-new-rules-to-eliminate-retail-crypto-speculation/">Singapore’s MAS To Bring New Rules To Eliminate Retail Crypto Speculation</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://coingape.com">CoinGape</a>.</p>

Singapore’s MAS To Bring New Rules To Eliminate Retail Crypto Speculation

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