Subscribe to Updates

    Get the latest creative news from CRYPTO NOUNCE.

    What's Hot

    Terra’s branding at MLB opener draws attention from spectators

    April 1, 2023

    Tron [TRX]: Will new upgrade foster stagnant staking activity? Gauging…

    April 1, 2023

    Elon Musk seeks to end $258 billion Dogecoin lawsuit By Reuters

    April 1, 2023
    Facebook Twitter Instagram
    Facebook Twitter Instagram Vimeo
    Cryptonounce.com
    Contact
    • Business
      • Deals
      • investors
      • IPO
      • Startups
      • Wall Street
    • Markets
      • Bonds
      • Commodities & Futures
      • Currencies
      • Funds & ETFs
      • Stocks
    • Crypto
      • Alticoins News
      • Binance News
      • Bitcoins News
      • Blockchain News
      • Ethereum News
      • Token Sales News
      • XRP News
    • Technology
      • Artificial Intelligence
      • Big Data
      • Cloud Computing
      • Cybersecurity
      • Gaming
      • Internet of Things
      • Mobile
      • Social Media
      • Transportation
      • VR & AR
    • FinTech
    • Personal finance
    • Grides
      • Crypto
      • FinTech
      • Investing
      • Personal Finance Guides
      • Techonology
    • Tools
      • Coins
      • ICO List
      • Organigations
      • Events
    Cryptonounce.com
    Home » Blockchain Association of Singapore pushes back on token lending prohibition
    Binance News

    Blockchain Association of Singapore pushes back on token lending prohibition

    AdmincryptBy AdmincryptJanuary 6, 2023No Comments2 Mins Read
    Facebook Twitter Pinterest LinkedIn Tumblr WhatsApp VKontakte Email
    Blockchain Association of Singapore pushes back on token lending prohibition
    Share
    Facebook Twitter LinkedIn Pinterest Email



    The Blockchain Association of Singapore (BAS) opposes “overly restrictive” proposal by Central Bank of Singapore.

    BAS opposes proposal to ban token lending

    The Monetary Authority of Singapore (MAS), Singapore’s Central Bank, recently suggested a prohibition on lending digital tokens by cryptocurrency companies to retail customers. The Blockchain Association of Singapore, a significant cryptocurrency lobby group, has opposed this proposal, claiming it to be “overly restrictive.”

    In feedback submitted to the MAS in December, the group claimed that this decision would require retailers to obtain funding from unregulated cryptocurrency firms. 

    The Blockchain Association of Singapore also opposed the proposal prohibiting crypto companies from providing incentives to retailers. Instead, the association proposed that such incentives should be regulated rather than banned and could be designed as “gifts that are not linked to financial purchases.”

    More regulations coming

    In addition to these proposals, Singapore has also called for restrictions on cryptocurrency companies lending or using their coins to generate yield.

    If the law is passed, individuals will not be able to take out loans to purchase tokens. However, the association argued that lending tokens could provide funds for customers and pointed out that the interest rates on digital payment tokens can be attractive.

    The association agreed that there should be some limitations on individuals borrowing money from companies to buy cryptocurrency, but it opposed the complete ban on lending by crypto firms to retail customers.

    The group claimed that such a ban would be too extreme and could have unintended effects on the market.

    The Blockchain Association of Singapore has generally called for a balanced approach to regulation that considers the potential benefits and risks of the cryptocurrency market. The group emphasized the importance of clear and fair rules that protect consumers without hindering innovation in the industry.


    Follow Us on Google News



    Source link

    Share. Facebook Twitter Pinterest LinkedIn Tumblr WhatsApp Email
    Previous ArticleFTX Investors’ Due Diligence Prior to Crash Under Investigation by SEC
    Next Article Ethereum’s Shanghai upgrade could supercharge liquid staking derivatives — Here’s how
    Admincrypt
    • Website

    Related Posts

    Justin Sun announces end of ambassadorial role for Grenada

    March 31, 2023

    OKX using AI to monitor market volatility

    March 31, 2023

    US will auction 41,000 bitcoin associated with Silk Road

    March 31, 2023

    Cardano gains 7% as it approaches EVM dominance

    March 31, 2023

    Leave A Reply Cancel Reply

    Our Picks
    • Facebook
    • Twitter
    • Pinterest
    • Instagram
    • YouTube
    • Vimeo
    Don't Miss
    Blockchain News

    Terra’s branding at MLB opener draws attention from spectators

    By AdmincryptApril 1, 20230

    As baseball enthusiasts flocked to National’s Park in Washington D.C for the Major League Baseball…

    Tron [TRX]: Will new upgrade foster stagnant staking activity? Gauging…

    April 1, 2023

    Elon Musk seeks to end $258 billion Dogecoin lawsuit By Reuters

    April 1, 2023

    US softens cut to Medicare Advantage 2024 payments By Reuters

    April 1, 2023

    Subscribe to Updates

    Get the latest creative news from CRYPTO NOUNCE.

    NEWS
    • Business
    • Crypto
    • Blockchain
    • Markets
    • Technology
    FEATURED SECTIONS
    • Coins
    • ICO List
    • Organigations
    • Events
    • Grides
    FEATURED LINKS
    • Story of the day
    • Videos
    • Infographics
    CONNECT WITH US
    • Facebook
    • Twitter
    • Telegram
    • LinkedIn
    • Pinterest
    ABOUT US
    • Contact
    • Advertise
    • Sitemap
    Copyright © 2023 Cryptonounce All rights reserved. Cryptonounce.
    • Home
    • Buy Now

    Type above and press Enter to search. Press Esc to cancel.

    Sign In or Register

    Welcome Back!

    Login to your account below.

    Lost password?