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Jul 6, 2022 12:57 UTC
| Updated:
Jul 6, 2022 at 12:57 UTC
The Monetary Authority of Singapore (MAS) has told Parliament that the Central Bank is considering imposing extra restrictions on cryptocurrency commerce. They embody “placing limits on retail participation, and rules on the utilization of leverage once transacting in cryptocurrencies.”
MAS Considers New Restrictions on Crypto Trading
Tharman Shanmugaratnam, the minister responsible of the Monetary Authority of Singapore (MAS), answered a parliamentary question concerning the regulation of cryptocurrency Monday.
Murali Pillai, a member of the Singapore Parliament, asked whether or not the MAS “intends to implement more restrictions on cryptocurrency commerce platforms with a read to shield unsophisticated persons from going in such trades that area unit thought of extremely risky.”
The minister guilty of the MAS explained that since 2017, the Central Bank “has systematically warned that cryptocurrencies don’t seem to be appropriate investments for the retail public.”
He was careful that in January, the Central Bank restricted “the promoting and advertising of cryptocurrency services publically areas, and command cryptocurrency commerce being delineated in an exceedingly manner that trivializes its risks.” Since then digital payment token (DPT) service suppliers within the country have taken actions to satisfy the central bank’s rules, as well as “removing cryptocurrency ATMs from public areas and taking down advertisements from transport venues,” he noted.
The minister more revealed:
MAS has been carefully considering the introduction of extra client protection safeguards. These could embody putting limits on retail participation, and rules on the using of leverage once transacting in cryptocurrencies.
Minister Shanmugaratnam opined, “Given the borderless nature of cryptocurrency markets, however, there’s a desire for restrictive coordination and cooperation globally.” He said, “These problems are being mentioned at numerous international standard-setting bodies wherever MAS actively participates.”
The MAS reiterated its crypto warning Monday:
Cryptocurrencies are extremely risky and don’t seem to be appropriate for the retail public. individuals will lose most of the money they need invested with, or additional if they borrow to get cryptocurrencies.
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