Singapore plans to ban cryptocurrency margin or leveraged trading by mid-2024 in order to curb retail speculation.

According to a BlockBeats report on November 23rd, Singapore has proposed new regulations to further strengthen its stance against individual speculation in cryptocurrencies, including banning personal investors from borrowing to trade. In a statement on Thursday, the Monetary Authority of Singapore (MAS) said that digital payment token service providers are not allowed to offer any incentive measures for cryptocurrency retail trading, nor provide financing, margin or leveraged trading, and cannot accept local credit card payments. The agency has also expanded the retail trading rules to include all investors regardless of residency. Previously, the restriction only covered investors located in Singapore. The MAS also made it clear that incentive measures such as referrals, learning programs, and similar marketing will be restricted. The new measures will be gradually implemented from mid-2024.