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Cryptocurrencies

Singapore proposes ban on crypto credit to rein in token trading

Financial regulator issues framework to tighten digital assets oversight

The Monetary Authority of Singapore is moving beyond the scrutinizing of crypto companies to limiting the ways retail investors can partake in trading.   © Reuters

SINGAPORE -- Singapore on Wednesday proposed a ban on credit lines to fund cryptocurrency purchases, as the city-state takes another step to rein in the digital assets sector, which with the crash of coin prices this year has seen the fall of token service providers.

The Monetary Authority of Singapore, the country's central bank and financial regulator, kick-started a feedback-gathering phase that will last till Dec. 21 in which industry players can give their input on the suggested curbs and other proposals to guide the nascent sector.

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