Xfers limiting the Total Annual Spending on Cryptocurrency in Singapore
Welcome back, readers! Today, I am going to share with you that Xfers, my only go through access from Singapore dollars to any cryptocurrency, would be limiting the total annual spending to about SGD 30,000. This was in accordance with the Payment Services Act recently implemented in Singapore with effect from 22 January 2020.
In my opinion, this will affect would-be investors with deep pockets and I believed this was done to prevent FOMO in the event that bull markets take over crypto land. My second opinion is the Act was enacted as a way to prevent capital flight from injecting too much into the crypto markets. I did not know the reason why they limit the money the users hold in Xfers. Someone in the comment section can enlighten me on why this is done?
This Act will not affect me as I invested less than SGD 2000 each year, maybe that will change if my salary increases but for now I'm safe. I am currently investing SGD200 every month as a loyalty to the STEEM blockchain. That is all folks! Signing off! Sejuk!