ADVERTISEMENT
  • About
  • Advertisement
  • Disclaimer
  • Term Of Use
  • DMCA
  • Privacy Policy
  • Cookies Policy
  • Submit Guest Post
  • Contact Us
Best Crypto Blog Website
  • HOME
  • COINS
    • ICO
    • AIRDROPS
  • MINING
  • TRADE
    • COINS
  • PR
  • NEWS
    • Bitcoin News
    • Blockchain News
    • Cardano News
    • Crypto News
    • DEFI NEWS
    • Ethereum News
    • Government News
    • NFT NEWS
    • Ripple News
  • CASINO
  • MORE
    • WALLET
    • INVESTMENT
    • Affiliate Program
    • Buy Crypto
    • CLOUD MINING
    • DEFI
    • Exchange
    • Fintech
    • Forex
    • Lending
    • NFT
    • Web Hosting
Advertisement
No Result
View All Result
Wootfi Media
  • HOME
  • COINS
    • ICO
    • AIRDROPS
  • MINING
  • TRADE
    • COINS
  • PR
  • NEWS
    • Bitcoin News
    • Blockchain News
    • Cardano News
    • Crypto News
    • DEFI NEWS
    • Ethereum News
    • Government News
    • NFT NEWS
    • Ripple News
  • CASINO
  • MORE
    • WALLET
    • INVESTMENT
    • Affiliate Program
    • Buy Crypto
    • CLOUD MINING
    • DEFI
    • Exchange
    • Fintech
    • Forex
    • Lending
    • NFT
    • Web Hosting
Advertisement
No Result
View All Result
Wootfi Media
No Result
View All Result
ADVERTISEMENT
Home News

It is necessary to prohibit retail investors from “borrowing money and swiping cards to buy coins”! Singapore tightens cryptocurrency regulations

Wootfi News by Wootfi News
01/11/2022
It is necessary to prohibit retail investors from "borrowing money and swiping cards to buy coins"! Singapore tightens cryptocurrency regulations
Share on FacebookShare on Twitter

In order to reduce the risk of harm to retail investors caused by cryptocurrency transactions, the Monetary Authority of Singapore (MAS) intends to tighten regulations, proposing to prohibit retail investors from borrowing money, swiping cards to buy cryptocurrencies, and prohibiting businesses from using the cryptocurrencies deposited by retail investors. Lending or staking to generate income.

To this end, the Monetary Authority of Singapore issued a consultation paper today (26) on regulatory measures for cryptocurrency services for public comment, with a deadline of December 21, after which it will begin to formulate final guidelines.

According to the document, a series of measures proposed by the MAS include: prohibiting retail investors from trading cryptocurrencies through credit, cryptocurrency service providers (exchanges) must implement customer knowledge assessments, and prohibiting the use of customers’ cryptocurrencies for lending or pledge.

The MAS stated that given the volatility of cryptocurrency prices, leveraged operations could expose consumers to substantial losses, and therefore proposed these restrictions on cryptocurrency service providers:

  • Credit facilities should not be provided to retail investors to enable these customers to purchase cryptocurrencies;
  • Leveraged cryptocurrency trading should not be conducted with retail investors;
  • Should not accept payment by credit or debit card from retail investors;
  • Incentives such as free tokens (airdrops) or gifts should not be offered to retail investors;
  • Celebrity endorsements are not allowed.

It is worth noting that the above restrictions do not apply to high net worth investors. According to the definition of Singapore’s Securities and Futures Act, a high net worth investor’s net personal assets should exceed S$2 million (of which the net worth of an individual’s primary residence is capped at S$1 million), or the net financial assets exceed S$2 million. S$1 million, or income of more than S$300,000 in the past 12 months.

Currently, the MAS is considering excluding the value of cryptocurrency holdings from an individual’s net asset value, or setting a cap on the value of cryptocurrency holdings that can count towards the threshold, such as SGD 200,000. The MAS said the move was designed to differentiate between those “retail investors who make most of their money from cryptocurrency speculation” and those who “have a diversified portfolio.”

Cryptocurrency exchanges must also manage clients separately from their own assets, introduce risk management mechanisms for all client assets, and disclose listing policies, procedures, and conflicts of interest.

At the same time, the Monetary Authority of Singapore also issued another consultation paper on stablecoins , requiring that stablecoins linked to a single currency with a value of more than SGD5 million in circulation must hold an equivalent value of cash, Reserve assets of cash equivalents or short-term sovereign debt securities.

Wootfi News

Wootfi News

Next Post

Kinesis Money Launches Virtual Crypto Card

LATEST .PRESS RELEASE

For Unhosted Wallets 166788660349brJVeHX5

ARGOS ID presents the World’s First Travel Rule Solution for Unhosted Wallets

15/05/2023
kava 11 launch 1666777369w9ZKmpp11C

Kava Launches Liquid Staking With Successful Mainnet Upgrade

10/08/2023

LATEST NEWS

Join the Sports Tournament on 1xBit

Join the Sports Tournament on 1xBit: Any Ticket Can Turn Up 50 mBTC

15/06/2023
Save Easter Eggs with 1xBit and Win Crypto

Save Easter Eggs with 1xBit and Win Crypto

18/05/2023
Venezuelan authorities urged mining companies and cryptocurrency exchanges in the country to stop working

Venezuelan authorities urged mining companies and cryptocurrency exchanges in the country to stop working

24/04/2023
Ethereum price

Ethereum price back to critical support: ETH technical analysis

15/08/2023
Altcoin rising 55% by challenging the falling market

Altcoin rising 55% by challenging the falling market

22/04/2023
Ripple price lost critical $ 0.5 support: XRP's new target

Ripple price lost critical $ 0.5 support: XRP’s new target

22/04/2023
wootfi logo 2

Welcome to Wootfi, your number one source for all things [Cryptocurrency]. We’re dedicated to giving you the very best of [Crypto Review], with a focus on [Blockchain Technology ], [Crypto News], [Investment Website].

Follow Us

Categories

  • Affiliate Program
  • AIRDROPS
  • Artificial intelligence
  • Best Crypto Wallet
  • Bitcoin News
  • Blockchain News
  • Buy Crypto
  • Cardano News
  • CASINO REVIEW
  • CLOUD MINING
  • COINS
  • Crypto News
  • Crypto Press Release
  • DEFI
  • Earning Survey Sites
  • Education Platform
  • Ethereum News
  • Exchange
  • Features
  • Fintech
  • Forex
  • Format Folder
  • Government News
  • Guide
  • ICO
  • Investment
  • Lending
  • News
  • NFT NEWS
  • Press Release
  • Ripple News
  • Uncategorized
  • WALLET
  • Web Hosting
ADVERTISEMENT
  • About
  • Advertisement
  • Disclaimer
  • Term Of Use
  • DMCA
  • Privacy Policy
  • Cookies Policy
  • Submit Guest Post
  • Contact Us

© 2023 WOOTFI - Develop by WOOTFI.
All content on Wootfi.com is provided solely for informational purposes, and is not an offer to buy or sell or a solicitation of an offer to buy or sell any security, product, service or investment. The opinions expressed in this Site do not constitute investment advice and independent financial advice should be sought where appropriate. For More Details Contact Us At - [email protected] .

No Result
View All Result
  • HOME
  • COINS
    • ICO
    • AIRDROPS
  • MINING
  • TRADE
    • COINS
  • PR
  • NEWS
    • Bitcoin News
    • Blockchain News
    • Cardano News
    • Crypto News
    • DEFI NEWS
    • Ethereum News
    • Government News
    • NFT NEWS
    • Ripple News
  • CASINO
  • MORE
    • WALLET
    • INVESTMENT
    • Affiliate Program
    • Buy Crypto
    • CLOUD MINING
    • DEFI
    • Exchange
    • Fintech
    • Forex
    • Lending
    • NFT
    • Web Hosting

© 2023 WOOTFI - Develop by WOOTFI.
All content on Wootfi.com is provided solely for informational purposes, and is not an offer to buy or sell or a solicitation of an offer to buy or sell any security, product, service or investment. The opinions expressed in this Site do not constitute investment advice and independent financial advice should be sought where appropriate. For More Details Contact Us At - [email protected] .