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 <p class="is-style-lead">The Monetary Authority of Singapore is seeking new limitations to harden crypto speculation.</p>
 <p>Singapore’s financial watchdog, the Monetary Authority of Singapore, is set to impose new rules on retail crypto investors in a bid to safeguard customers from highly speculative assets.</p>
 <p>In a statement published on Thursday, Nov. 23, MAS proposed new regulatory measures aimed at restricting <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> businesses from offering <a rel="noopener noreferrer nofollow" title="incentives" href="https://thebittimes.com/tag/incentives.html">incentives</a> to <a rel="noopener noreferrer nofollow" title="retail" href="https://thebittimes.com/tag/retail.html">retail</a> customers, saying <a rel="noopener noreferrer nofollow" title="incentives" href="https://thebittimes.com/tag/incentives.html">incentives</a> such as free tokens upon signup “may unduly impair the judgment of <a rel="noopener noreferrer nofollow" title="retail" href="https://thebittimes.com/tag/retail.html">retail</a> customers” to use <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> services.</p>
 <p>The regulator admitted that the majority of respondents to its consultation paper on the new <a rel="noopener noreferrer nofollow" title="rules" href="https://thebittimes.com/tag/rules.html">rules</a> disagreed with the restriction. MSA in turn said that such inventives may lure people into trading tokens “without fully considering the risks involved.”</p>
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 <p>As such, businesses won’t be allowed to offer <a rel="noopener noreferrer nofollow" title="incentives" href="https://thebittimes.com/tag/incentives.html">incentives</a> or margin/leverage transactions for their customers, MAS also ruled. Moreover, the financial regulator of Singapore also prohibited <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> businesses from accepting locally issued <a rel="noopener noreferrer nofollow" title="credit" href="https://thebittimes.com/tag/credit.html">credit</a> <a rel="noopener noreferrer nofollow" title="cards" href="https://thebittimes.com/tag/cards.html">cards</a>, arguing that <a rel="noopener noreferrer nofollow" title="credit" href="https://thebittimes.com/tag/credit.html">credit</a> <a rel="noopener noreferrer nofollow" title="cards" href="https://thebittimes.com/tag/cards.html">cards</a> would allow <a rel="noopener noreferrer nofollow" title="retail" href="https://thebittimes.com/tag/retail.html">retail</a> customers “easy access to debt financing.” The new regulatory framework is expected to be gradually phased in from mid-2024.</p>
 <p>Singapore’s latest efforts at regulating crypto trading come shortly after MAS unveiled new rules aimed at issuers of stablecoins linked to the Singapore dollar or any G10 currencies. That framework encompasses requirements related to stablecoin stability, capital, redemption at par, and disclosure of audit results to customers.</p>
 <p>The regulator also emphasized that only stablecoin issuers meeting all the specified criteria can apply for the designation as “MAS-regulated stablecoins.”</p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/singapore-mulls-new-crypto-rules-wants-to-ban-retail-traders-from-incentives-and-credit-cards-tbt71359.html">https://thebittimes.com/singapore-mulls-new-crypto-rules-wants-to-ban-retail-traders-from-incentives-and-credit-cards-tbt71359.html</a></p>

Singapore mulls new crypto rules, wants to ban retail traders from incentives and credit cards

TheBitTimes

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