2 years ago
The Monetary Authority of Singapore (MAS) has told Parliament that the cardinal slope is considering imposing further restrictions connected cryptocurrency trading. They see “placing limits connected retail participation, and rules connected the usage of leverage erstwhile transacting successful cryptocurrencies.”
MAS Considers New Restrictions connected Crypto Trading
Tharman Shanmugaratnam, the curate successful complaint of the Monetary Authority of Singapore (MAS), answered a parliamentary question astir the regularisation of cryptocurrency Monday.
Murali Pillai, a subordinate of the Singapore Parliament, asked whether the MAS “intends to instrumentality further restrictions connected cryptocurrency trading platforms with a presumption to support unsophisticated persons from entering into specified trades which are considered highly risky.”
The curate successful complaint of the MAS explained that since 2017, the cardinal slope “has consistently warned that cryptocurrencies are not suitable investments for the retail public.”
He elaborate that successful January, the cardinal slope restricted “the selling and advertizing of cryptocurrency services successful nationalist areas, and disallow cryptocurrency trading being portrayed successful a mode that trivializes its risks.” Since past integer outgo token (DPT) work providers successful the state person taken actions to conscionable the cardinal bank’s rules, including “removing cryptocurrency ATMs from nationalist areas and taking down advertisements from nationalist transport venues,” helium noted.
The curate further revealed:
MAS has been cautiously considering the instauration of further user extortion safeguards. These whitethorn see placing limits connected retail participation, and rules connected the usage of leverage erstwhile transacting successful cryptocurrencies.
Minister Shanmugaratnam opined, “Given the borderless quality of cryptocurrency markets, however, determination is simply a request for regulatory coordination and practice globally.” He elaborated, “These issues are being discussed astatine assorted planetary standard-setting bodies wherever MAS actively participates.”
The MAS reiterated its crypto informing Monday:
Cryptocurrencies are highly risky and are not suitable for the retail public. People tin suffer astir of the wealth they person invested, oregon much if they get to acquisition cryptocurrencies.
What bash you deliberation astir the comments by the curate successful complaint of the Monetary Authority of Singapore (MAS)? Let america cognize successful the comments conception below.
English (US) 