Singapore proposes ban on borrowing to fund cryptocurrency purchases
2022/10/26 06:05
According to Bloomberg, Singapore proposed to ban retail investors from borrowing to fund cryptocurrency purchases, part of a slew of suggestions to further tighten the city-state’s regulatory regime for digital assets. Other potential steps in a Monetary Authority of Singapore consultation paper include stopping companies from using tokens deposited by such investors for lending or staking to generate yields. Crypto prices are “highly volatile” and leverage can saddle customers with big losses, the central bank said in the paper Wednesday, adding the retail sector shouldn’t be able to use credit cards or other credit facilities to buy virtual coins. Stablecoins would need to be pegged to the local dollar or a Group of 10 currencyes and be fully backed by reserve assets of the same denomination, according to the document. Minimum capital requirements would be imposed on issuers too. The central bank said in Wednesday’s paper that it rejected entirely banning cryptocurrency services for retail consumers because that could lead them to unlicensed platforms. The window for feedback on the consultation paper lasts until Dec. 21 after which final guidelines will be set.
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