Singapore’s central bank, the Monetary Authority of Singapore (MAS), is considering imposing stricter rules on retail crypto investors. “MAS views cryptocurrencies as unsuitable for use as money and as extremely risky for retail investors,” the Central Bank chief said.

New rules may come back to haunt retail crypto investors in Singapore

Ravi Menon, director of the Monetary Authority of Singapore (MAS), Singapore’s financial institution, spoke about cryptocurrency regulation at the Green Shoots seminar on Monday.

It outlined 5 areas of risk in digital assets on which the central bank’s regulatory approach is focused. they tackle the risks of harboring and financing terrorism; technology and cyber risk management; protection against harm to retail investors; maintaining the promise of stability in stablecoins; and mitigating potential risks to monetary stability.

The head of the financial institution noted:

MAS considers cryptocurrencies unsuitable for use as money and extremely risky for retail investors.

“Cryptocurrencies lack the 3 essential qualities of money: medium of exchange, storage [of] value and unit of account,” he stressed.

Menon explained that the new regulatory measures could make it difficult for retail investors to trade cryptocurrencies. “Adding parts to retail access to cryptocurrencies is a {an ara|neighbourhood|county|region|township|surroundings|part|section} that we have a tendency to consider,” he said bluntly, specifying:

These may include customer suitability tests and limit the use of leverage and credit facilities to commercialize cryptocurrency.

However, the central banker stressed:

But banning retail access to cryptocurrencies is not possible to understand.

“The world of cryptocurrencies is borderless. With just a mobile phone, Singaporeans can access any range of crypto exchanges in the world and can receive or sell any range of cryptocurrencies,” he believes.

“MAS’s development strategy makes Singapore one of the jurisdictions with the greatest contribution and assistance to digital assets,” said Menon. “At the same time, MAS’ evolving regulatory approach makes Singapore one of the most comprehensive in managing digital asset risks and among the strictest in areas such as discouraging retail cryptocurrency investment.”

The post Singapore Considers Tougher Rules For Retail Crypto Investors — Regulator Says Cryptocurrencies ‘Highly Dangerous’ appeared first on BTC Wires.

Singapore Considers Stricter Rules for Retail Crypto Investors — Regulator Says Cryptocurrencies Are ‘Highly Hazardous’

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