MAS Implements Measures to Discourage Cryptocurrency Speculation in Singapore.

MAS Implements Measures to Discourage Cryptocurrency Speculation in Singapore

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The Monetary Authority of Singapore (MAS) has announced measures for Digital Payment Token (DPT) service providers to discourage speculation in cryptocurrency investments. These measures include assessing a customer's risk awareness before offering crypto services, advising against providing incentives for crypto trading, and prohibiting financing, margin, or leveraged transactions. MAS also believes that refusing locally issued credit card payments and not considering crypto holdings in a customer's net worth will discourage speculation. Ho Hern Shin, deputy managing director (financial supervision) of MAS, emphasized that while these measures can help, customers cannot be fully protected from the risks associated with cryptocurrency trading. MAS states that speculative cryptocurrency trading poses significant risks and consumer harms, often driven by unverified success stories, celebrity endorsements, and the fear of missing out. In addition, MAS has included five industry pilots in Project Guardian to test various use cases around asset tokenization. #Onchain #EthereumHigh #cryptocurrency #PolkadotNews