Singapore Plans Crypto Trading Regulation; BitPay To Assist MATIC

Singapore’s central bank has proposed additional regulatory measures on cryptocurrency trading to prevent potential harm to consumers from volatility.

The bank presented the new measures in two consultation papers on Wednesday. It also plans to stop the incentives to customers by cryptocurrency companies and credit card payments in crypto trading.

The Monetary Authority of Singapore (MAS) has said that it already introduced restrictions on crypto services ads in public places to discourage people from speculative trading.

“Cryptocurrencies play a supporting role in the broader digital asset ecosystem, and it would not be feasible to ban them,” MAS said in a media release, adding that the proposed measures should help reduce the risks.

BitPay Will Provide Assistance To MATIC

In a press release, BitPay, one of the world’s biggest cryptocurrency payment providers, said it will allow users to buy, store, and exchange MATIC, Polygon’s native coin, and several other ERC-20 tokens on the Polygon network, such as USDC, DAI, BUSD, and WBTC, on its app.

Some of the biggest projects on the Polygon include Aave, Uniswap, and OpenSea. Companies like Starbucks, Robinhood, and Stripe has chosen Polygon as their Web3 gateway due to its low costs, fast transactions, and carbon neutrality, etc.

Switzerland’s Seba Bank Offers NFT Custody Service

The bank offers its customers storage facility for non-fungible tokens (NFTs). On October 26, Seba announced the creation of a regulated custody infrastructure that enables customers to hold NFTs.

According to the company, institutional and retail clients can hold any Ethereum-based NFTs, including tokens from well-known NFT collections like Bored Apes and CryptoPunks.

“There is no marketplace integration with Seba Bank at this time,” a Seba spokesperson told Cointelegraph. “The custody service offered is by no means restricted to top collections,” the official added.


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