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Singapore Proposes Ban on Borrowing to Fund Cryptocurrency Purchases

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To put a check on cryptocurrency speculation by retail investors, the Republic’s regulator is proposing a list of rules for key crypto players.

Besides having to test a customer’s understanding of the possible risks of crypto trading, the Monetary Authority of Singapore (MAS) is proposing that providers of digital payment token (DPT) or crypto services, such as exchanges, not allow retail users to borrow to purchase crypto or accept credit card payments to do so.

Crypto service providers should also not use incentives such as giving away free tokens or gifts to court retail users. Celebrity endorsements are also not allowed.

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