Singapore has announced new measures to tighten crypto regulations in order to protect retail investors from risky practices. The measures will be rolled out in phases from mid-2024 and will include a ban on the use of locally issued credit cards to purchase cryptocurrencies, as well as a prohibition on offering free tokens, trading credits, and leveraged trading as incentives for new sign-ups and referrals. The Monetary Authority of Singapore (MAS) believes that such promotional bonuses may trigger risky trading behavior among clients, potentially inducing harmful practices among retail investors. However, the MAS also acknowledges that tighter regulations are not enough to fully protect customers from the inherent uncertainties of the crypto market, and urges consumers to exercise caution when dealing with unregulated and overseas entities.