Singapore’s Monetary Authority has joined a long list of central banks to weigh in on cryptocurrency, stating that it may limit retail participation in the space.
Singapore’s Monetary Authority is considering limiting retail participation in the cryptocurrency market and restricting leverage trading tools. Singapore’s central bank has already prohibited cryptocurrency marketing in public places.
Singapore Central Bank is considering cryptocurrency regulation
The Monetary Authority of Singapore (MAS) intends to impose restrictions on cryptocurrency trading.
The Singaporean central bank’s chairman Tharman Shanmugaratnam told the Singaporean Parliament today that it has “consistently warned that cryptocurrencies are not suitable investments for the retail public” and has been considering introducing additional customer protection safeguards.
These safeguards would include limiting retail participation and regulating the amount of leverage that can be used in crypto transactions, according to Shanmugaratnam.
While Shanmugaratnam did not elaborate on the measures under consideration by the central bank, his statement was in response to a question about crypto trading platforms, implying that Singaporean crypto exchanges may soon face increased regulatory scrutiny.
Shanmugaratnam stated that the MAS began taking steps to combat crypto marketing in January; specifically, companies offering crypto services are no longer permitted to advertise in public places, nor is trading to be portrayed in a trivializing manner.
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