Singapore's Central Bank Weighs Further Safeguards on Retail Crypto Trading

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The Monetary Authority of Singapore (MAS) is considering introducing further safeguards connected entree to crypto among the wide public, a elder authorities curate said.

  • Tharman Shanmugaratnam, curate successful complaint of MAS, said successful parliament connected Monday that the cardinal slope whitethorn "place limits connected retail participation" and present rules connected the usage of leverage successful crypto transactions.

  • Shanmugaratnam had been asked by subordinate of parliament Murali Pillai whether the MAS intended to instrumentality further restrictions connected crypto trading platforms.

  • "Since 2017, MAS has consistently warned that cryptocurrencies are not suitable investments for the retail public," Shanmugaratnam said. "Most cryptocurrencies are taxable to crisp speculative terms swings. Recent events person vividly demonstrated the risks, with prices of respective cryptocurrencies falling drastically."

  • In January this year, MAS introduced guidelines limiting however crypto firms could advertise to the public, preventing them from selling their services successful nationalist areas oregon media that code the public, specified arsenic newspapers, broadcast, magazines oregon societal media platforms.

  • The cardinal bank's main fintech serviceman Sopnendu Mohanty recently said MAS plans to beryllium "brutal and relentingly hard" connected "bad behavior" successful the crypto industry. In an interrogation with the Financial Times, Mohanty said Singapore had enforced a "painfully dilatory ... highly draconian owed diligence process" for licensing crypto firms successful bid to support the wider economy.

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