Blockchain Association of Singapore Opposes Ban On Lending Tokens

Singapore’s Central Bank had earlier proposed imposing a ban on lending digital tokens of retail customers by crypto firms. The Blockchain Association of Singapore, a main crypto lobby group has opposed this proposal claiming it to be “overly restrictive.” They also disagreed about the proposal of a complete ban on crypto firms extending incentives to the retailer and called it “too draconian.”

About lending tokens, they argued that such decision will force the retailers to get funds from the crypto firms that are unregulated, as stated in the 11-page long feedback submitted by the group to the Monetary Authority of Singapore, in the later stages of December.

(By Shourya Jha)

Singapore Crypto

Original Link

Comments

All Comments

Recommended for you

Cointime April 23th News Express

1. EigenLayer: Deposit limits for all LST tokens will be removed on April 16
Cointime April 5th News Express

1.Mystiko.Network Community Sale Completed, Total $11.25 Million in XZK Sold2.Solana Co-founder Responds to the Sharp Increase in Transaction Failure Rates: Patch Coming Soon3.Ethena USDe market value exceeds 2 billion US dollars, setting a new record4.Du Jun, Executive Director and CEO of Xinhuo & Founder of ABCDE: Xinhuo Technology and ABCDE will invest 100 million US dollars to support blockchain companies that promote social development 5.QCP Capital: Bitcoin is expected to return to $70,000 this week, while Ethereum continues to be weak6.bitSmiley Labs officially launches its independent ecosystem plan, bitUniverse, and reveals its OG pass bitDisc-Black Upgraded Priviledges 7.Avalanche Foundation launches ice-breaking plan, focusing on LST track in the first phase and funding 500,000 AVAX 8.SuperRare Expands into Bitcoin Ordinals with Killer Acid's Psychedelic Art Collection 9.A dormant whale address for 8 months deposited 1,100 BTC into Binance10.Meme exchange DerpDEX.com completes multi-million dollar strategic investment, with participation from ABO Digital and others
Cointime精选 ·

An introduction to Composable Culture, what it is and why it matters

The current landscape of emerging technologies like blockchain, web3, ai-related solutions and others is paving the way for what I see as the rise of composable culture (or modular culture as one of my peers said1). While I have been hinting the concept in my writings before, an explanation of why an there should be an umbrella term, what are it’s characteristics and advantages is needed.
MAS: Singapore is working on global first-tier fund tokenization regulation

Chia Der Jiun, Managing Director of the Monetary Authority of Singapore, introduced some fund tokenization pilots at an event for asset managers. These pilots are part of the Project Guardian and MAS Global Layer 1 (GL1) tokenization plans. Chia Der Jiun emphasized the advantages of tokenization in real-time settlement and process automation, which can improve efficiency and achieve greater customization of funds. UK asset management company Schroders and fund distribution platform Calastone are exploring this as part of the Project Guardian public blockchain trial in Singapore. A recent survey by Calastone showed that 96% of asset management companies in the Asia-Pacific region plan to launch tokenized products within three years. Chia stated that as these Project Guardian pilot projects approach commercialization, MAS is working with the pilot project managers to study the legal and regulatory treatment and impact of tokenized investment funds."
Cointime精选 ·

Token Evolution: Uncovering Diverse Applications in the Current Digital Landscape

In this collaborative research endeavor, the Global Crypto Research (GCR) and Friends With Benefits (FWB) unite to present a comprehensive examination of Decentralized Autonomous Organization (DAO) tokens and their contemporary landscape. Despite the burgeoning interest and investment in DAO tokens, their utility and application remain constrained by a spectrum of technical, regulatory, and operational challenges. Our primary objectives are to explore potential use cases for DAO tokens and propose a roadmap for their future evolution. Through this collaborative inquiry, we seek to foster a deeper understanding of DAO tokens, catalyzing innovation and facilitating more robust, versatile, and equitable applications in the digital economy.
Singapore issued a budget statement for fiscal year 2024, planning to allocate S$2 billion to strengthen the digital economy

Singapore's Deputy Prime Minister and Finance Minister Heng Swee Keat presented the country's budget statement for the fiscal year 2024 in February. The budget proposes an allocation of 2 billion Singapore dollars to strengthen its digital economy, marking Singapore's strong push for financial innovation and integration of digital assets, sending a clear signal of incorporating digital assets into its economic framework.
Cointime精选 ·

Surviving Crypto Cycles

In the first 2 months of 2021, crypto prices have already doubled and continue to hit new all-time highs. Bitcoin has crossed $1 trillion in market capitalization. Pixelated crypto art regularly sells for millions. Senators even have lasers for eyes! Euphoria abounds.
Cointime精选 ·

Find a husband using this very simple DeFi strategy (it worked for me!)

This week I’ve just been having a lot of fun with DeFi again, so I decided to finally share this story
Cointime精选 ·

On Compressionism

How a technological necessity is becoming the face of a burgeoning realm of cryptoart
Cointime精选 ·

iOS 17.4 is also an attack on crypto

The gist of the story is that Apple is going to release the iOS 17.4 update soon, and it’s going to severely impact the usability of PWAs. In this post, I want to summarize the story and explain how crypto apps like Kiwi News are being affected by this update.