Singapore's Financial Watchdog Considers New Crypto Restrictions
The Monetary Authority of Singapore may consider "imposing limits on retail participation" for investors, as well as introducing rules on the use of leverage for crypto operations.
New
The Monetary Authority of Singapore, or MAS, has “carefully considered” adding restrictions that could affect how retail investors deal with crypto, according to one of the top government ministers.
According to parliamentary documents released on Monday, Singaporean Minister and MAS Chairman Tharman Shanmugaratnam said the financial watchdog may consider “imposing limits on individual participation” for crypto investors as well as to introduce rules on the use of leverage for crypto transactions. Shanmugaratnam also called for regulatory clarity among financial regulators around the world, "given the borderless nature of cryptocurrency markets".
In January, the MAS banned crypto service providers from advertising or marketing in public spaces, and was behind regulations to shut down crypto ATMs in Singapore — services that seem to show that "cryptocurrency trading is presented in a way that trivializes its risks". According to the MAS, the country's Payment Services Act empowers the regulator to impose additional restrictions on crypto service providers "to ensure better consumer protection, maintain financial stability, and preserve the efficiency of monetary policy".
The financial watchdog said "recent events" - likely referring to the extreme volatility in the prices of
The Monetary Authority of Singapore may consider "imposing limits on retail participation" for investors, as well as introducing rules on the use of leverage for crypto operations.
New
The Monetary Authority of Singapore, or MAS, has “carefully considered” adding restrictions that could affect how retail investors deal with crypto, according to one of the top government ministers.
According to parliamentary documents released on Monday, Singaporean Minister and MAS Chairman Tharman Shanmugaratnam said the financial watchdog may consider “imposing limits on individual participation” for crypto investors as well as to introduce rules on the use of leverage for crypto transactions. Shanmugaratnam also called for regulatory clarity among financial regulators around the world, "given the borderless nature of cryptocurrency markets".
In January, the MAS banned crypto service providers from advertising or marketing in public spaces, and was behind regulations to shut down crypto ATMs in Singapore — services that seem to show that "cryptocurrency trading is presented in a way that trivializes its risks". According to the MAS, the country's Payment Services Act empowers the regulator to impose additional restrictions on crypto service providers "to ensure better consumer protection, maintain financial stability, and preserve the efficiency of monetary policy".
The financial watchdog said "recent events" - likely referring to the extreme volatility in the prices of
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