According to the Bloomberg report, managing director Ravi Menon stated on July 18, that the Monetary Authority of Singapore aims to consult on suggested initiatives in September or October. He stated without going into further detail that the updated laws would further restrict access to cryptocurrency for individual investors.
The Monetary Authority of Singapore, managing director, Ravi Menon, stated:
“Going forward, in line with international regulators, we’re also going to be broadening the scope of regulations to cover more activities.”
As per the report, Singapore’s government has long maintained a cautious approach to the cryptocurrency market. Managing director Rav Menon praised the innovative potential of the underlying blockchain technology while emphasising that regular investors should stay away from digital assets.
The Singapore government plans to enforce stricter regulations around cryptocurrency investments, including restrictions on marketing and demands that virtual asset providers obtain local licences even if they exclusively conduct business outside of the country.
Ravi Menon stated that next month, MAS will host a seminar to clarify its stance on cryptocurrency regulation.
He further stated that the Singapore government will lay out the developmental and regulatory methods which will be in line with the vision of Singapore as an inventive and responsible centre for digital assets.