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Singapore has proposed new regulations to further strengthen its stance against retail speculation in cryptocurrencies, including a ban on individuals borrowing to trade. The Monetary Authority of Singapore (MAS) stated in a Thursday announcement that digital payment token service providers must not offer any incentive measures for retail cryptocurrency trading, nor provide financing, margin, or leverage trading. They are also prohibited from accepting credit card payments issued locally.
The regulatory body has expanded the rules for retail trading to include all investors, regardless of their place of residence, compared to the previous restriction that only covered investors located in Singapore. MAS also clarified that incentive measures such as referral programs, learning schemes, and similar marketing initiatives will be restricted. The new measures are set to be gradually implemented starting from the mid-2024. |
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Post time 29-11-2023 07:49:51