Singapore may soon require retail investors to take a test before trading cryptocurrency

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Singapore may soon require retail investors to take a test and refrain from using credit card payments and other forms of borrowing to trade cryptocurrencies, the central bank proposed on Wednesday as part of a series of stringent measures aimed at making citizens aware of the risks associated with volatile assets.

In a set of consultation papers, the Monetary Authority of Singapore expressed concern that many retail customers may “lack sufficient knowledge of the risks of trading” digital payment tokens, leading them to “take on higher risks than they would otherwise have been willing, or are able, to bear.” The central bank also proposed that crypto firms licenced under the country’s Payments Services Act be barred from lending to retail investors, a move that could put many firms out of business.

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Singapore may soon require retail investors to take a test before trading cryptocurrency

Singapore may soon require retail investors to take a test and refrain from using credit card payments and other forms of borrowing to trade cryptocurrencies, the central bank proposed on Wednesday as part of a series of stringent measures aimed at making citizens aware of the risks associated with volatile assets.

In a set of consultation papers, the Monetary Authority of Singapore expressed concern that many retail customers may “lack sufficient knowledge of the risks of trading” digital payment tokens, leading them to “take on higher risks than they would otherwise have been willing, or are able, to bear.” The central bank also proposed that crypto firms licenced under the country’s Payments Services Act be barred from lending to retail investors, a move that could put many firms out of business.

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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