The Financial Authority of Singapore (MAS) has instructed Parliament that the central financial institution is contemplating imposing extra restrictions on cryptocurrency buying and selling. They embrace “putting limits on retail participation, and guidelines on the usage of leverage when transacting in cryptocurrencies.”
MAS Considers New Restrictions on Crypto Buying and selling
Tharman Shanmugaratnam, the minister accountable for the Financial 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 promoting of cryptocurrency companies in public areas, and disallow cryptocurrency buying and selling being portrayed in a way that trivializes its dangers.” Since then digital cost 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 fastidiously contemplating the introduction of extra shopper safety safeguards. These could embrace putting limits on retail participation, and guidelines on the usage of 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. Individuals can lose a lot of the cash they’ve invested, or extra in the event that they borrow to buy cryptocurrencies.
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