The association argued that a ban may push crypto users to pursue offshore service providers that are unregulated.
A crypto lobbying group based in Singapore has voiced its opposition to the proposal from the central bank to prohibit crypto firms from lending crypto tokens.from offering"any credit facility" to consumers. This includes either lending fiat or cryptocurrencies. However, the Blockchain Association of Singapore believes that this may be overly restrictive.that a blanket ban could push crypto users to pursue lending their tokens to offshore firms that are unregulated.
In a statement to the mainstream media outlet Bloomberg, BAS board chairman Chia Hock Lai said that instead of a blanket ban, they are proposing an approach that is more measured and targeted. This includes focusing on the education of consumers when it comes to the risks of using entities that are unregulated. The chairman explained:
“The proposed measures, while well-intended, might have unintended consequences if implemented in its entirety, including leading consumers to move towards unregulated service providers.” In addition, BAS also argued that a complete ban on companies providing incentives to retail customers is"too draconian" and suggested a different way of allowing gifts not connected to financial purchases.
The consultation paper issued by MAS in October last year came in the midst of a series of crypto debacles in the country including the Three Arrows Capital hedge fund and crypto platforms Vauld and
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