Singapore’s Central Bank, the Monetary Authority of Singapore (MAS), is
Singapore’s Central Bank, the Monetary Authority of Singapore (MAS), is considering imposing stricter rules on retail crypto investors. “MAS regards cryptocurrencies as unsuitable to be used as money and as extremely risky for retail investors,” aforesaid the Central Bank chief.
New Rules May Be coming Back to Retail Crypto Investors in Singapore
Ravi Menon, the director of the Monetary Authority of Singapore (MAS), the Singaporean financial institution, talked regarding cryptocurrency regulation at the Green Shoots seminar Monday.
He printed 5 areas of risk in digital assets that the central bank’s regulative approach is concentrated on. they’re combating hiding and terrorist finance risks; managing technology and cyber-related risks; safeguarding against damage to retail investors; upholding the promise of stability in stablecoins; and mitigating potential monetary stability risks.
The financial institution chief noted:
MAS regards cryptocurrencies as unsuitable to be used as Money and as extremely risky for retail investors.
“Cryptocurrencies lack the 3 basic qualities of money: medium of exchange, store [of] worth, and unit of account,” he stressed.
Menon explained that the new regulative measures can build it harder for retail investors to trade cryptocurrencies. “Adding fractions on retail access to cryptocurrencies is {an ara|a neighborhood|a district|a region|a locality|a vicinity|a part|a section} we have a tendency to are considering,” he unconcealed, elaborating:
These might embrace client suitableness tests and limit the use of leverage and credit facilities for cryptocurrency commercialism.
However, the central banker stressed:
But banning retail access to cryptocurrencies isn’t possible to figure out.
“The cryptocurrency world is borderless. With simply a mobile, Singaporeans have access to any range of crypto exchanges within the world and might get or sell any range of cryptocurrencies,” he opined.
“MAS’ development strategy makes Singapore one among the foremost contributory and helpful jurisdictions for digital assets,” Menon over. “At a similar time, MAS’ evolving regulative approach makes Singapore one among the foremost comprehensive in managing the risks of digital assets, and among the strictest in areas like discouraging retail investments in cryptocurrencies.”