A woman rides her bicycle with the Marina Bay Sands hotel and high-rise buildings in the background in Singapore on Sept. 4, 2023.
Singapore will introduce tighter rules for cryptocurrency service providers, following feedback on its proposed regulations, said the city-state's financial authority.
"The consulted proposals detail business conduct and consumer access measures to limit potential consumer harm," the Monetary Authority of Singapore said in a statement on Thursday.
The measures will include barring crypto service providers in Singapore from accepting locally issued credit card payments, offering incentives to trade in cryptocurrencies and providing financing, margin or leverage transactions for retail customers.
"We urge consumers to remain vigilant and exercise utmost caution when dealing in digital payment token services, and to not deal with unregulated entities, including those based overseas."
Persons:
Hern Shin
Organizations:
Monetary Authority, MAS
Locations:
Sands, Singapore, cryptocurrencies