SINGAPORE WANTS TO BAN CRYPTO LOANS

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Blockchain.com partners with Visa to offer crypto debit cards, Vietnam’s prime minister calls for crypto regulation, and Singapore wants to ban cryptocurrency loans.

Blockchain.com partners with Visa to offer crypto debit card

Crypto exchange Blockchain.com has partnered with Visa to launch a crypto card. The crypto card will initially only be valid in the US. Users will be able to make crypto or cash payments wherever Visa is available.

No registration or annual fee will be required for the crypto card. The company said that with this card, users will earn back 1 percent of all purchases in crypto.

Blockchain.com CEO Peter Smith said that there are currently 50,000 people on the waiting list for the crypto card.

The crypto card was backed by California-based payment company Marqeta. Marqeta helped crypto finance company Swipe develop visa cards in September 2020.

On the other hand, the news of the collaboration between Blokchain.com and Visa comes after the news that Visa is at the table with crypto exchange FTX to offer debit cards to 40 countries on October 7.

Apart from that, Mastercard has partnered with BitOasis. It comes following a successful $30 million Series B funding round in 2021. This funding also facilitated the expansion of the Dubai-based platform into the MENA region.

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Vietnam prime minister calls for crypto regulation 

Vietnam’s prime minister, Pham Minh Chinh, said that the country’s government should work on crypto regulation, albeit in part, for its residents who continue to trade digital assets despite their lack of legal recognition.

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Chinh hinted that an anti-money laundering (AML) bill should also include a change to virtual currencies as people still trade crypto in Vietnam.

The Vietnamese government largely does not recognize cryptocurrencies such as Bitcoin as a payment method in the country but allows tokens to remain in an area that appears legitimate as an investment.

Some local lawmakers in the country have pushed for the adoption of the assets as the crypto space and adoption rate grow. In March, Deputy Prime Minister Le Minh Khai asked the Ministry of Finance to investigate and amend laws aimed at developing a framework for cryptocurrencies.

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Singapore wants to ban cryptocurrency loans

The Monetary Authority of Singapore (MAS) is presenting proposals to better regulate the cryptocurrency industry following the bankruptcy of Singapore-based crypto venture fund Three Arrows Capital (3AC).

MAS, the country’s central bank, wanted to regulate the activities of digital payment token service providers (DPTSP) and stablecoin issuers under the Payment Services Act.

The first document submitted by MAS; includes offers for major crypto-related services such as Bitcoin (BTC), Ether (ETH), and XRP. MAS states that the credit or leverage used to trade such digital payment tokens (DPT) can “multiply the loss”.

In the proposal, MAS seeks to prohibit DPTSPs from offering loans to retail customers in both fiat and crypto.

Apart from that, MAS thinks DPTSPs should run consumer tests to assess whether individual customers know about crypto-related risks.

MAS wants to ban stablecoin issuers from lending and staking stablecoins indexed to a single currency, as well as lending or trading with other cryptocurrencies.

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