Singapore Considers Imposing New Restrictions on Crypto Trading

Singapore Considers Imposing New Restrictions on Crypto Trading

Singapore Reveals Plan to Implement More Restrictions on Cryptocurrency Trading Platforms

The Monetary Authority of Singapore (MAS) has informed Parliament that the central financial institution is contemplating imposing extra restrictions on cryptocurrency buying and selling. They embody “inserting limits on retail participation, and guidelines on using leverage when transacting in cryptocurrencies.”

MAS Considers New Restrictions on Crypto Trading

Tharman Shanmugaratnam, the minister accountable for the Monetary Authority of Singapore (MAS), answered a parliamentary query concerning the regulation of cryptocurrency Monday.

Murali Pillai, a member of the Singapore Parliament, requested whether or not the MAS “intends to implement additional restrictions on cryptocurrency buying and selling platforms with a view to guard unsophisticated individuals from getting into into such trades that are thought of extremely dangerous.”

The minister accountable for the MAS defined that since 2017, the central financial institution “has constantly warned that cryptocurrencies are usually not appropriate investments for the retail public.”

He detailed that in January, the central financial institution restricted “the advertising and marketing and promoting of cryptocurrency companies in public areas, and disallow cryptocurrency buying and selling being portrayed in a fashion that trivializes its dangers.” Since then digital fee token (DPT) service suppliers within the nation have taken actions to satisfy the central financial institution’s guidelines, together with “eradicating cryptocurrency ATMs from public areas and taking down ads from public transport venues,” he famous.

The minister additional revealed:

MAS has been rigorously contemplating the introduction of extra shopper safety safeguards. These might embody inserting limits on retail participation, and guidelines on using leverage when transacting in cryptocurrencies.

Minister Shanmugaratnam opined, “Given the borderless nature of cryptocurrency markets, nevertheless, there’s a want for regulatory coordination and cooperation globally.” He elaborated, “These points are being mentioned at varied worldwide standard-setting our bodies the place MAS actively participates.”

The MAS reiterated its crypto warning Monday:

Cryptocurrencies are extremely dangerous and are usually not appropriate for the retail public. People can lose a lot of the cash they’ve invested, or extra in the event that they borrow to buy cryptocurrencies.

What do you concentrate on the feedback by the minister accountable for the Monetary Authority of Singapore (MAS)? Let us know within the feedback part under.

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