2 years ago
The Monetary Authority of Singapore (MAS), the country’s cardinal slope and the regulator of the crypto sector, says that its licensing process for integer plus work providers needs to beryllium stringent. “It needs to beryllium due to the fact that we privation to beryllium a liable planetary crypto hub with innovative players, but besides with beardown hazard absorption capabilities,” said the cardinal slope chief.
Singapore’s Crypto Regulation Needs to Be ‘Stringent’
Monetary Authority of Singapore (MAS) Managing Director Ravi Menon talked astir cryptocurrency regularisation astatine the Financial Times Crypto and Digital Asset Summit Wednesday.
The cardinal slope main raised concerns regarding the risks of investing successful crypto assets to retail investors, Bloomberg reported. Noting that crypto could beryllium utilized for wealth laundering and coercion financing, Menon emphasized:
The licensing process is stringent. And it needs to beryllium due to the fact that we privation to beryllium a liable planetary crypto hub with innovative players, but besides with beardown hazard absorption capabilities.
The Singaporean cardinal slope has approved lone a tiny fraction of astir 170 integer plus applicants. More than 100 companies that applied for a licence to run a crypto concern person already failed to meet the licensing requirements.
The MAS managing manager explained that the cardinal slope has taken a “tough line” connected retail crypto investing “because we’re not definite that’s a bully thought for retail investors to beryllium dabbling successful cryptocurrencies.” He was quoted arsenic saying:
I deliberation galore planetary regulators stock akin concerns astir retail vulnerability to cryptocurrencies.
Menon elaborate that the MAS looks astatine the applicants’ way grounds and whether they person beardown firm governance structures successful place. In addition, “they request to beryllium acquainted with wealth laundering, violent financing risks,” helium said.
The cardinal slope brag further stated that portion crypto assets bash not presently airs a menace to the fiscal system, determination are wealth laundering and coercion financing risks.
The MAS issued “Guidelines to Discourage Cryptocurrency Trading by General Public” successful January stating that “the trading of cryptocurrencies is highly risky and not suitable for the wide public.” The cardinal slope besides noted that crypto work providers had been actively promoting their services done ATMs successful nationalist areas, stressing that it could promote the nationalist to commercialized “on impulse, without afloat knowing the attendant risks.”
What bash you deliberation astir the comments by the Singaporean regulator? Let america cognize successful the comments conception below.
Kevin Helms
A pupil of Austrian Economics, Kevin recovered Bitcoin successful 2011 and has been an evangelist ever since. His interests prevarication successful Bitcoin security, open-source systems, web effects and the intersection betwixt economics and cryptography.
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