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Singapore plans to impose tougher rules on crypto traders

Singapore plans to introduce new regulations that will make it harder for retail investors to trade cryptocurrencies at a time when...

Singapore plans to impose tougher rules on crypto traders
Yazar: Charles Porter

Yayınlanma: 29 Ağustos 2022 15:34

Güncellenme: 12 Kasım 2024 19:12

Singapore plans to impose tougher rules on crypto traders

Singapore plans to introduce new regulations that will make it harder for retail investors to trade cryptocurrencies at a time when they appear "irrationally complacent" about the risks, the central bank chief said.

Ravi Menon, director general of the Monetary Authority of Singapore (MAS), said at an event on Monday that despite the warnings and measures, surveys show that consumers are increasingly trading in cryptocurrencies, not just in Singapore but globally, lured by the prospect of sharp price increases. "They seem to be irrationally complacent about the risks of cryptocurrency trading," he said. He said "adding frictions" to retail access to cryptocurrencies was an area MAS was considering. "These could include customer suitability tests and restricting the use of leverage and credit facilities for cryptocurrency trading," he added at a seminar titled "Yes to digital asset innovation, no to cryptocurrency speculation". Singapore's welcoming approach has helped the financial center attract digital asset services firms from China, India and elsewhere over the past few years, making it a major hub in Asia. But recent defaults by some global cryptocurrency-related firms based in Singapore, many of which are not subject to the financial regulator's guidelines on consumer protection or market conduct, have triggered concerns about tighter regulation. MAS will seek public feedback on its proposals by October, Menon said, adding that reviews are ongoing by regulators globally. In January, MAS issued guidelines to limit cryptocurrency trading service providers from promoting their services to the public. Cryptocurrencies have slumped this year as interest rate hikes and inflation in the US prompted investors to shift away from riskier assets. "MAS' facilitative stance on digital asset activities and its restrictive stance on cryptocurrency speculation are not contradictory," Menon said. US crypto exchange Gemini and Huobi, a crypto exchange initially focused on China, are among those with a large presence in Singapore. Around 180 crypto companies applied to MAS for crypto payments licenses under a new regime in 2020, but Singapore has so far granted only two dozen licenses following a detailed due diligence process that is still ongoing. Follow Global Economic Developments on Social Media! Click here to follow Ieconomy official Facebook account! Click here to follow Ieconomy official Instagram account! Click here to follow Ieconomy official Twitter account!  
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