Singapore’s central bank, MAS, has strengthened its regulatory measures for digital payment token service providers.
According to the statement made by MAS today, digital payment token service providers speculating in the cryptocurrency market should take countermeasures.
To do this, cryptocurrency companies must measure the customer’s risk awareness regarding these services, do not provide incentives to buy and sell cryptocurrencies, do not offer financing, margin or leverage transactions, do not accept local credit card transactions, and restrict the value of cryptocurrencies before determining their net worth.
According to the MAS statement, these substances are designed to reduce the potential harm that customers may experience. prevent prepared for.
The legal regulations prepared by the Singapore central bank regarding cryptocurrency companies will be gradually implemented, starting from the middle of 2024. This is to help cryptocurrency companies comply with new rules. “sufficient transition period” is expected to give.