TechFlow reported, according to Bloomberg, Singapore has proposed additional regulations to further strengthen its stance against retail speculation in cryptocurrencies, including banning individual investors from borrowing funds for trading. The rules and guidelines will be implemented in phases starting mid-2024.
The Monetary Authority of Singapore said in a statement on Thursday that digital payment token service providers must not offer any incentives for retail cryptocurrency trading, nor provide financing, margin, or leveraged trading. MAS also stated that they will no longer be able to accept credit card payments issued locally.
The central bank has also expanded its retail rules to cover all investors "regardless of location."
Previously, its retail restrictions only applied to investors located in Singapore. It further clarified that incentives such as referral programs, learn-and-earn schemes, and similar promotions will be restricted.
