Singapore’s Leading Crypto Group Opposes Proposed Ban on Lending Tokens
- Blockchain group says blanket ban on lending too restrictive
- Country’s central bank proposed new crypto rules in October
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Singapore’s main crypto lobby group has pushed back on the central bank’s proposals to bar crypto firms from lending out retail customers’ digital tokens, saying such a measure is “overly restrictive.”
The Blockchain Association of Singapore said such a blanket ban could instead push people to seek out unregulated offshore firms to lend their tokens to, according to an 11-page feedback that was sent late last month to the Monetary Authority of Singapore and viewed by Bloomberg News.