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Singapore's approach to become a blockchain hub, while striking down the crypto market is a "weird thing," Bloomberg reports, citing Ethereum Co-Founder, Vitalik Buterin.
He noted that in reality, digital currencies play a vital role in every blockchain network as users can use them to participate in the development process. Buterin particularly said:
"The reality is if you don't have cryptocurrency, blockchains that you're going to have are just fake and nobody’s going to care about them."
Buterin's comments come after the Monetary Authority of Singapore (MAS) suggested tightening requirements for cryptocurrency lending firms by prohibiting businesses to lend out assets owned by retail customers.
In newly published consultations papers, the financial watchdog also proposed to require crypto businesses to implement "proper segregation of customers' assets" and mitigate any conflicts of interest. MAS also says it should have rights to regulate the issuance of stablecoins where the value of them in circulation exceeds S$5 million (~$3.5 million).
