Singapore authorities considering restricting crypto firms from lending and staking, a reaction to the failures and contagion last year, lavender_au reports for PolicyWeek
Last year saw the implosion of some of crypto’s biggest names in Singapore: Terraform Labs and crypto hedge fund Three Arrows Capital, who were registered there. Toward year’s end,
Among the proposed measures are restricting firms from lending out retail customers’ tokens. The aim of this measure is clear – the collapse of platforms meant consumers had little recourse to recover their assets, as lending and staking is currently unregulated. The proposal also has implications for decentralized finance. DeFi protocols such as Automated Market Makers offer a number of benefits, such as allowing digital payment tokens to be traded in a permissionless and automatic way by using liquidity pools rather than a traditional market of buyers and sellers, Rahul Advani, policy director, APAC, at Ripple, said. The proposed restriction “reduces what you can do with DeFi substantially.
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