The Monetary Authority of Singapore (MAS) has informed Congress that the central bank is considering imposing additional restrictions on cryptocurrency transactions. They include “Rules for Restricting Retail Participation and Using Leverage When Trading in Cryptocurrencies”.
MAS considers new restrictions on crypto trading
Tharman Shanmugaratnam, Minister of Finance of the Monetary Authority of Singapore (MAS), answered a parliamentary question on cryptocurrency regulation on Monday.
Singapore’s MP Murali Pilari will implement further restrictions on cryptocurrency trading platforms to protect unsophisticated people from participating in such transactions that MAS considers to be very risky. Are you going? “
Since 2017, the MAS minister has explained that central banks have “consistently warned that cryptocurrencies are not a good investment for the general public.”
He elaborated in January that the central bank “restricted marketing and advertising of cryptocurrency services in public areas and banned cryptocurrency transactions from being portrayed in a way that downplayed their risks.” Since then, domestic digital payment token (DPT) service providers have taken steps to meet central bank rules, such as “removing crypto ATMs from public areas, removing ads from public transportation”. rice field.
The minister further revealed that:
MAS has carefully considered the introduction of additional consumer protection measures. These may include restrictions on retail participation and rules regarding the use of leverage when trading in cryptocurrencies.
“But given the borderless nature of the cryptocurrency market, global regulatory coordination and cooperation is needed,” said Minister Shanm Galatnam. “These issues are being discussed by various international standards-setting bodies in which MAS is actively involved,” he elaborated.
MAS repeated crypto warnings on Monday:
Cryptocurrencies are very risky and not suitable for the general public. People can lose most of the money they invest in, and even more if they borrow to buy cryptocurrencies.
What do you think of the comments from the Minister of Finance of Singapore (MAS)? Let us know in the comments section below.
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