Crypto Gaming and Earning with Players

Singapore Opposes MAS Token Loan Ban

NFT, crypto
Published 1 year ago
ID #1995
QR CODE
1 photo
Full Node
Singapore Opposes MAS Token Loan Ban
NFT, crypto,
Published 1 year ago

X-Node Details

The main cryptocurrency lobbying association in Singapore has been critical of the central bank's cryptocurrency proposals, calling them too restrictive. 

The Monetary Authority of Singapore recently proposed a series of measures that restrict retail customer access to cryptocurrencies. These measures would prevent investors from borrowing to fund their token purchases. They would also prohibit companies from lending or staking their coins to generate returns. 


In response, the Singapore Blockchain Association issued an 11-page statement speaking out against such a blanket prohibition. 

They warned that such measures would simply force interested parties to seek unregulated, extraterritorial alternatives. The association particularly opposed the MAS proposal to prohibit the lending of tokens for interest-earning purposes. According to the association, this is one of the main incentives for investing in digital payment tokens. 


The document also revealed disagreements in areas such as the offering of retail incentives. However, the document was not exclusively critical, as the association found areas of agreement with the monetary authority. 


The association agreed that customers should be prevented from borrowing to invest in cryptocurrencies. They also agreed that crypto companies should discriminate carefully between their own assets and those of their customers. Singapore has all the reasons to be increasingly skeptical about cryptocurrencies. The city was the home of several of the largest cryptocurrency companies that collapsed last year, such as Three Arrows Capital. Even more recently, Singapore's state investment fund cancelled its $275 million investment in FTX.


cryptocurrency lobbying association Singapore central bank cryptocurrency proposals restrictive Monetary Authority of Singapore retail customer access cryptocurrencies token purchases lending staking coins Singapore Blockchain 



Singapore Opposes MAS Token Loan Ban
MAS Token Loan Prohibition met with Resistance in Singapore
Singapore Expresses Opposition to MAS Token Loan Ban
MAS Token Loan Ban Controversial in Singapore
Singapore Takes Stand Against
Vote
Result 22 votes

 

Contact seller

    matias
    User-Chain-Block
    You must log in or register a new account in order to contact the advertiser.

    Comments

    Question? Need more information? Want to ask question? Add new comment...
    Ask questions related to this listing only.
    Comments are moderated.
    Add new comment
    Full Node

    Seller's info

    matias
    User-Chain-Block

    X-NODE Location

    NFT, crypto
    Cryptocurrency Lobbying Association Singapore Central Bank