The Monetary Authority of Singapore (MAS) has proposed a ban on credit score offerings that permit customers to borrow or lend cryptocurrencies and tokens, in addition to another monetary merchandise the usage of a blockchain platform. The concept became made following an research into using blockchain era through monetary establishments and fee providers.
The MAS additionally desires to limition crypto-to-crypto buying and selling in order that it is able to be used handiest for hypothesis functions and now no longer for actual property transactions or financing for small businesses. The regulator stated that those regulations are important because of issues over feasible cash laundering and terrorist financing dangers related to crypto-to-crypto transactions.
In addition, the MAS stated that it'd problem new hints on how banks must deal with ICO tokens in the event that they need to provide them as fee alternatives thru their present day merchandise along with checking debts or credit score cards.