Singapore Tightens Cryptocurrency Regulations

New measures to be implemented from mid-2024 include barring payments via locally issued credit cards and prohibiting incentives to trade in cryptocurrencies.

• Singapore's Monetary Authority (MAS) has announced new regulations for cryptocurrency, including barring payments via locally issued credit cards and prohibiting incentives to trade in cryptocurrencies.
• The new regulations, which will be implemented in phases from mid-2024, also require crypto service providers to publish policies and procedures that govern the listing of a digital payment token and establish effective procedures to handle customer complaints and resolve disputes.
• Only accredited investors, defined as someone with at least S$2 million in net personal assets, are exempted from the rules. Crypto assets can form part of this S$2 million, but no more than 50 per cent of the value of a person's crypto holdings can be used, or up to S$200,000, whichever is lower.
• MAS has repeatedly warned that trading crypto is highly risky and not suitable for the general public, as crypto prices are subject to volatility and speculation.
• In January 2022, Singapore banned crypto service providers from promoting their services in public areas or through third parties such as social media influencers.

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