Cryptocurrency Q&A
Why did Mas restrict crypto service providers in Singapore?
Why did Mas restrict crypto service providers in Singapore?
SakuraBloom
Sun Jul 07 2024
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7 answers
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Could you elaborate on the reasons behind MAS's decision to restrict crypto service providers in Singapore? I'm curious to understand the specific concerns or objectives that led to this regulatory move. Was it due to the risks associated with cryptocurrency transactions, a need to protect investors, or some other factors? What measures have been implemented, and how do they aim to strike a balance between innovation and consumer protection in the digital asset space? Clarifying these aspects would help us gain a deeper understanding of MAS's regulatory approach towards cryptocurrencies.
7 answers
TeaCeremony
Tue Jul 09 2024
Among these measures, MAS has prohibited crypto service providers from facilitating lending and staking of tokens by their retail customers.
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Valeria
Tue Jul 09 2024
The deadline for compliance with this regulation is set at the end of the year, giving service providers sufficient time to adjust their operations.
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Michele
Tue Jul 09 2024
This restriction aims to safeguard retail investors from potential risks associated with these activities.
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PhoenixRising
Tue Jul 09 2024
MAS has also mandated that crypto service providers in Singapore deposit customer assets under a statutory trust.
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SumoStrength
Tue Jul 09 2024
This measure ensures the safekeeping of customer funds and assets, providing an added layer of security.
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