Bloomberg: Singapore plans to ban cryptocurrency margin or leveraged trading by mid-2024 to curb retail speculation

2023-11-23 17:38:06

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ChainCatcher news, according to Bloomberg, Singapore has proposed new regulations aimed at further strengthening its stance against retail speculation in cryptocurrencies, including a ban on individual investors borrowing to trade. The Monetary Authority of Singapore (MAS) stated in a statement on Thursday that digital payment token service providers must not offer any incentives for cryptocurrency retail trading, nor provide financing, margin, or leveraged trading, and cannot accept locally issued credit card payments. The agency has also expanded the retail trading rules to include all investors (regardless of residence).

Previously, this restriction only covered investors located in Singapore. The MAS also clarified that incentives such as referrals, earn-and-learn programs, and similar marketing will be restricted. The new measures will be gradually implemented starting in mid-2024.

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