Singapore Considers Stricter Rules for Retail Crypto Investors — Regulator Says Cryptocurrencies Are ‘Highly Hazardous’

Singapore’s cardinal bank, the Monetary Authority of Singapore (MAS), is contemplating imposing stricter rules connected retail crypto investors. “MAS regards cryptocurrencies arsenic unsuitable for usage arsenic wealth and arsenic highly hazardous for retail investors,” said the cardinal slope chief.

New Rules May Be Coming to Retail Crypto Investors successful Singapore

Ravi Menon, the managing manager of the Monetary Authority of Singapore (MAS), the Singaporean cardinal bank, talked astir cryptocurrency regularisation astatine the Green Shoots seminar Monday.

He outlined 5 areas of hazard successful integer assets that the cardinal bank’s regulatory attack is focused on. They are combating wealth laundering and violent financing risks; managing exertion and cyber-related risks; safeguarding against harm to retail investors; upholding the committedness of stableness successful stablecoins; and mitigating imaginable fiscal stableness risks.

The cardinal slope main noted:

MAS regards cryptocurrencies arsenic unsuitable for usage arsenic wealth and arsenic highly hazardous for retail investors.

“Cryptocurrencies deficiency the 3 cardinal qualities of money: mean of exchange, store [of] value, and portion of account,” helium emphasized.

Menon explained that the caller regulatory measures volition marque it much hard for retail investors to commercialized cryptocurrencies. “Adding frictions connected retail entree to cryptocurrencies is an country we are contemplating,” helium revealed, elaborating:

These whitethorn see lawsuit suitability tests and restricting the usage of leverage and recognition facilities for cryptocurrency trading.

However, the cardinal banker stressed:

But banning retail entree to cryptocurrencies is not apt to work.

“The cryptocurrency satellite is borderless. With conscionable a mobile phone, Singaporeans person entree to immoderate fig of crypto exchanges successful the satellite and tin bargain oregon merchantability immoderate fig of cryptocurrencies,” helium opined.

“MAS’ improvement strategy makes Singapore 1 of the astir conducive and facilitative jurisdictions for integer assets,” Menon concluded. “At the aforesaid time, MAS’ evolving regulatory attack makes Singapore 1 of the astir broad successful managing the risks of integer assets, and among the strictest successful areas similar discouraging retail investments successful cryptocurrencies.”

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