Singapore mulls new crypto rules, wants to ban retail traders from incentives and credit cards
The Monetary Authority of Singapore is seeking new limitations to harden crypto speculation. 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. In a statement published on Thursday, Nov. 23, MAS proposed new regulatory measures aimed at restricting crypto businesses from offering incentives to retail customers, saying incentives such as free tokens upon signup “may unduly impair the judgment of retail customers” to use crypto services. The regulator admitted that the majority of respondents to its consultation paper on the new rules disagreed with the restriction. MSA in turn said that such inventives may lure people into trading tokens “without fully considering the risks involved.” You might also like: Singapore’s Central Bank to pilot live CBDC for interbank settlements As such, businesses won’...