{"id":26555,"date":"2022-10-26T15:43:56","date_gmt":"2022-10-26T10:13:56","guid":{"rendered":"https:\/\/coinswitch.co\/switch\/?p=26555"},"modified":"2022-10-26T15:43:56","modified_gmt":"2022-10-26T10:13:56","slug":"singapore-lays-out-stable-coin-rules-to-boost-consumer-protection","status":"publish","type":"post","link":"https:\/\/coinswitch.co\/switch\/news\/singapore-lays-out-stable-coin-rules-to-boost-consumer-protection\/","title":{"rendered":"Singapore lays out stable coin rules to boost consumer protection"},"content":{"rendered":"

In an attempt to expand consumer protection, Singapore\u2019s central bank\u2014the Monetary Authority of Singapore (MAS)\u2014has proposed<\/a> an updated set of regulatory measures on crypto trading and stablecoins. Accordingly, crypto businesses will not be allowed to use retail customers\u2019 funds for lending, making a clear distinction between consumer assets and company assets.<\/p>\n

Moreover, crypto trading platforms will not be able to lure retail investors by offering incentives. Last of all, crypto businesses cannot accept credit card payments or provide financing to retail customers.<\/p>\n

According to two consultation papers published on Wednesday, “MAS is concerned that retail customers may not have the financial wherewithal to withstand large losses that are likely to ensue from speculative trading of markets that they do not fully understand.\u201d However, the report also highlighted that \u201ccryptocurrencies play a supporting role in the broader digital asset ecosystem, and it would not be feasible to ban them.\u201d<\/p>\n

As Singapore provides regulatory clarity around digital assets, more investors are flocking to them. According to a recent survey-based report<\/a> from KPMG, over 90% of family offices and high-net-worth individuals (HNWI) in Hong Kong and Singapore are either interested in investing in digital assets or have already done so.<\/p>\n

The survey found that about 92% of respondents were interested in digital assets. Breaking down the survey numbers, about 58% of family offices and HNWI respondents to a recent poll are already investing in digital assets, and 34% \u201cintend to do so,\u201d according to a research published on October 24 by KPMG China and Aspen Digital titled \u201cInvesting in Digital Assets.\u201d<\/p>\n

The report found that a majority of respondents are interested in the sector, with a particular interest in crypto. Many respondents were also investing in service providers to benefit from exposure to growth in the overall market. The report also addresses some investor concerns regarding the regulation of digital assets and how they are taxed.<\/p>\n","protected":false},"excerpt":{"rendered":"

In an attempt to expand consumer protection, Singapore\u2019s central bank\u2014the Monetary Authority of Singapore (MAS)\u2014has proposed an updated set of regulatory measures on crypto trading and stablecoins. Accordingly, crypto businesses will not be allowed to use retail customers\u2019 funds for lending, making a clear distinction between consumer assets and company assets. Moreover, crypto trading platforms […]<\/p>\n","protected":false},"author":97,"featured_media":26556,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_ayudawp_aiss_exclude":false,"footnotes":""},"categories":[7701],"tags":[6467,6536,8923],"class_list":["post-26555","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-crypto","tag-news","tag-singapore"],"acf":{"json_ld_schema":"\n[{\"@context\":\"https:\/\/schema.org\",\"@type\":\"FAQPage\",\"@id\":\"https:\/\/coinswitch.co\/switch\/us-stocks\/wall-street-jottings\/#FAQPage\",\"headline\":\"Wall Street jottings: A personal, guided tour to investing in US stocks\",\"keywords\":\"Personal Guide, US Investing, \",\"datePublished\":\"2022-07-22T13:28:55+05:30\",\"dateModified\":\"2022-09-19T19:04:28+05:30\",\"dateCreated\":\"2022-07-22T13:28:55+05:30\",\"author\":{\"@type\":\"Person\",\"name\":\"Palak Malhotra\",\"description\":\"\",\"url\":\"https:\/\/coinswitch.co\/switch\/author\/palak\/\",\"sameAs\":[],\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/8a4eb1eaba29a875ba204825d6530ed2?s=96&d=mm&r=g\",\"height\":96,\"width\":96}},\"image\":[{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/coinswitch.co\/switch\/us-stocks\/wall-street-jottings\/#primaryimage\",\"url\":\"https:\/\/coinswitch.co\/switch\/wp-content\/uploads\/2022\/07\/Wall-Street-Jottings.jpg\",\"width\":\"1800\",\"height\":\"1080\"},{\"@type\":\"ImageObject\",\"url\":\"https:\/\/coinswitch.co\/switch\/wp-content\/uploads\/2022\/07\/Wall-Street-Jottings-1200x900.jpg\",\"width\":\"1200\",\"height\":\"900\"},{\"@type\":\"ImageObject\",\"url\":\"https:\/\/coinswitch.co\/switch\/wp-content\/uploads\/2022\/07\/Wall-Street-Jottings-1200x675.jpg\",\"width\":\"1200\",\"height\":\"675\"}]}]\n","json_ld_custom_schema":"","youtube_vodeo_url":"","seo":{"title":"","keywords":"","description":"","canonical":""},"blog_banner_image":false,"blog_coin":false,"download_the_app":{"button_value":"","button_url":""},"twitter_card":{"twitter_title":"","twitter_description":"","twitter_link":""},"maturity_tag":"","post_author":false,"guest_author":false,"hide_toc":true,"select_disclaimer":"Article Default Disclaimer","key_takeways":false},"post_mailing_queue_ids":[],"_links":{"self":[{"href":"https:\/\/coinswitch.co\/switch\/wp-json\/wp\/v2\/posts\/26555","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinswitch.co\/switch\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinswitch.co\/switch\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinswitch.co\/switch\/wp-json\/wp\/v2\/users\/97"}],"replies":[{"embeddable":true,"href":"https:\/\/coinswitch.co\/switch\/wp-json\/wp\/v2\/comments?post=26555"}],"version-history":[{"count":2,"href":"https:\/\/coinswitch.co\/switch\/wp-json\/wp\/v2\/posts\/26555\/revisions"}],"predecessor-version":[{"id":26561,"href":"https:\/\/coinswitch.co\/switch\/wp-json\/wp\/v2\/posts\/26555\/revisions\/26561"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinswitch.co\/switch\/wp-json\/wp\/v2\/media\/26556"}],"wp:attachment":[{"href":"https:\/\/coinswitch.co\/switch\/wp-json\/wp\/v2\/media?parent=26555"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinswitch.co\/switch\/wp-json\/wp\/v2\/categories?post=26555"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinswitch.co\/switch\/wp-json\/wp\/v2\/tags?post=26555"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}