Has Singapore Banned Cryptocurrency?

We all are seeing the decline in the crypto market for the last few days. Meanwhile, a news that will shake crypto market is coming from Singapore. Some such things in Singapore's new crypto regulation That will shake the crypto market in Singapore. Has Singapore banned crypto?

No Total Ban

It also requires virtual-asset providers to be licensed locally even if they only do business overseas. The central bank said in Wednesday's paper that it rejected entirely banning cryptocurrency services for retail consumers because that could lead them to unlicensed platforms.

what was in those consultation papers?

The Monetary Authority of Singapore (MAS) today published two consultation papers proposing regulatory measures to reduce the risk of consumer harm from cryptocurrency trading and to support the development of stablecoins as a credible medium of exchange in the digital asset ecosystem.