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Singapore examines measures to restrict crypto trading by retail investors

According to the report, Singapore authorities are examining more measures to safeguard consumers who trade in cryptocurrencies to reduce the risks of the unregulated crypto industry on August 29. At the event, the managing director of the Monetary Authority of Singapore (MAS), Ravi Menon, stated that despite cautions and precautions, consumers are actively trading in cryptocurrency globally as they are tempted by the possibility of significant price hikes.

He stated in a seminar titled “Yes to digital asset innovation, No to cryptocurrency speculation”:

“There is greater impetus now among global regulators to enhance regulations in this space. MAS will also do so. “

The MAS was thinking about “adding frictions” to retail access to cryptocurrencies. The new rules limit the use of leverage and credit facilities by cryptocurrency exchanges and check consumer eligibility.

By October, the regulator will also consult industry members on stablecoin regulation, a topic that has gained attention since the $40 billion TerraUSD wipeout that sent shocks across the market for digital assets. Menon claimed that regulators around the world are attempting to enforce standards for stablecoins, such as solid reserve backing and prompt redemption at par.

Singapore tightened crypto regulations earlier this year with a prohibition on advertising and plans to require virtual-asset providers to be registered locally even if they exclusively do business outside.

Read more at Cryptoshrypto:

Singapore plans to take strict measures on crypto related businesses due to increase in crypto frauds



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