Singapore’s Central Bank had earlier proposed imposing a ban on lending digital tokens of retail customers by crypto firms. The Blockchain Association of Singapore, a main crypto lobby group has opposed this proposal claiming it to be “overly restrictive.” They also disagreed about the proposal of a complete ban on crypto firms extending incentives to the retailer and called it “too draconian.”

About lending tokens, they argued that such decision will force the retailers to get funds from the crypto firms that are unregulated, as stated in the 11-page long feedback submitted by the group to the Monetary Authority of Singapore, in the later stages of December.

(By Shourya Jha)