Singapore Implements Stricter Regulations to Curb Retail Crypto Trading

Singapore's financial authority, the Monetary Authority of Singapore (MAS), will implement tighter regulations for cryptocurrency service providers to protect retail customers. The measures include prohibiting local credit card payments, incentives for trading, and financing for retail customers. MAS will also issue rules on business conduct, requiring providers to publish policies, handle customer complaints, and resolve disputes. However, MAS emphasizes that cryptocurrency trading is highly risky and urges consumers to exercise caution and avoid dealing with unregulated entities. Singapore has been increasing its supervision of crypto firms since the implementation of the Payment Services Act in 2020.