Singapore plans to ban cryptocurrency companies from using retail customers' digital currency to issue loans. Also, there is a proposal from the Singapore authorities - to separate the cryptocurrency of users from the personal resources of cryptocurrency companies.
Moreover, a business that aims to trade cryptocurrencies will not be able to provide an additional incentive to attract retail customers or charge credit cards.
Also, the new requirements will apply to issuers of stablecoins. In the event that a company has a stablecoin, in the total amount of 3.5 million dollars, then it must have reserves in fiat currency, their analogue or in short-term bonds.
Also, all stablecoins, issued on the markets in Singapore, need to be pegged only to the national Singaporean currency or to a currency from the "Big Ten". The rules, described above, do not apply to banks. On 12/21/2022, public consultations, regarding the proposed restrictions, will be completed.
Previously, the news was published that the Singapore bank DBS is collaborating with Sandbox to create a metaverse.
