Singapore plans to roll out new regulations regarding crypto. This regulation will make it difficult for retail investors to trade cryptocurrencies.
The Central Bank of Singapore said this step was taken as retail investors were irrationally aware of the risks of crypto. Monetary Authority of Singapore (MAS) Director Ravi Menon said, despite warnings and action, surveys show consumers are increasingly trading cryptocurrencies globally beyond Singapore, attracted by the sharp price outlook.
"They seem to be rationally unaware of the risks of trading cryptocurrencies," he said.
MAS is considering restricting retail access to crypto. “This may include customer suitability tests and limiting the use of leverage and credit facilities for cryptocurrency trading,” he added.
Singapore's friendly approach has helped the financial hub attract digital asset services companies from China, India and others in recent years making it a major hub in Asia.
However, the recent failure of several Singapore-based global cryptocurrency-related companies, many of which do not comply with financial regulators' guidelines on consumer protection and market behavior, has fueled concerns about tighter regulations.
Menon said MAS was seeking feedback on its proposal in October. This adds to the ongoing review by regulators globally.
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