2 years ago
The Monetary Authority of Singapore (MAS) is considering new regulations to support retail investors aft the crypto marketplace clang led to the illness of respective crypto firms.
According to the regulator, the caller rules being considered see “placing limits connected retail participation, and rules connected the usage of leverage erstwhile transacting successful cryptocurrencies.”
MAS continued that determination is simply a request for planetary collaboration to amended constabulary the crypto manufacture owed to the ‘borderless nature’ of its market.
The regulator besides rehashed immoderate of its erstwhile efforts to support retail investors from the crypto industry, similar warnings that crypto is not for retail investors and the restriction of crypto ads that bash not stress the risks of specified investment.
Singapore-based crypto companies successful the marketplace crash
The caller informing by the regulator is unsurprising considering the relation Singapore-based companies similar Terraform Labs and Three Arrows Capital played successful the crypto marketplace crash.
MAS reprimanded Three Arrows Capital (3AC) for exceeding the bounds for assets nether absorption and providing mendacious accusation astir its operations. The regulator is investigating whether the hedge money breached different rules.
A acrophobic national filed a constabulary report against Terraform Labs, the developers of the crashed Terra tokens, LUNA and UST.
Vauld, a crypto lender successful the country, suspended withdrawals owed to liquidity issues. The steadfast has hired advisers arsenic it considers restructuring.
Singapore’s mixed crypto signals
Authorities successful Singapore are walking the thin line betwixt user extortion and openness to crypto.
Sopnendu Mohanty, MAS’ main fintech officer, successful a LinkedIn post, praised the enactment of crypto firms similar Binance, Crypto.com, and Ripple, saying they are ‘fully committed to gathering a unafraid and sustainable innovation solving existent problems.’
Meanwhile, the stringent regulatory demands of the authorities person pushed respective crypto firms retired of the country. Singapore has licensed lone 14 companies to run retired of astir 200 applications.
The station Singapore eyes much regularisation to support retail investors from crypto wintertime fallout appeared archetypal connected CryptoSlate.
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