Will trading crypto in Singapore get harder and harder down the road?
Today I read an article from mexc news regarding Singapore's Monetary Authority tightening regulations for both crypto users and crypto providers.
To sum it up in an overview:
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Traders need to go through a series of risk assessment test before they start trading. They are also not allowed to use credit card or any lending service for buying crypto. Apparently, this decision is made as using credit card is seen as a form of using future money or gambling on uncertainties.
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Only stablecoins are allowed to be accessed to public with strict regulations. They must have sufficient funds as starters pegged to Singapore dollars or any other top 10 currencies or pegged to real world assets (maybe property or gold?).
So those this meant that even if you can trade in Singapore, there will be a lot of huddles and regulations on both the trader and issuer? Would a VPN settle all the issues or how does it work?
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