Connect with us

Hi, what are you looking for?

Crypto News

Singapore introduces new regulations for retail crypto investors

The Monetary Authority of Singapore (MAS) has been issuing strong warnings against retail investments in cryptocurrencies and has been taking increasingly stronger measures to restrict retail access to cryptocurrencies. Talking about retail investors trading crypto, Ravi Menon, managing director of MAS, said, “they seem to be irrationally oblivious about the risks of cryptocurrency trading.”

While delivering an opening address on a public platform, Menon said that MAS was once “making pro-crypto decisions” but was now being “overly cautious and losing its appeal as a global crypto hub.” Yet Menon pointed out that others see MAS as having struck the right balance, as “the crypto winter is proving MAS policies to be right.”

“Adding frictions” on retail access to cryptocurrencies was an area the MAS was contemplating, said Menon. “These may include customer suitability tests and restricting the use of leverage and credit facilities for cryptocurrency trading. Yes to digital asset innovation, no to cryptocurrency speculation.”

Menon Says There Is Confusion About Cryptocurrencies, Blockchain, and Digital Assets

Menon explained that the public and media attention has tended to focus on cryptocurrencies but cryptocurrencies are just one part of the entire digital asset ecosystem. “To understand the issues more sharply and what the benefits and risks are, we need to be clear about what the different components of this ecosystem are,” he said.

Menon admitted that the inherent complexity of this ecosystem (confusion about cryptocurrencies, blockchain, and digital assets) has made it difficult even for MAS to get its messages across.

Featured

etf

The launch of new spot Bitcoin (CRYPTO: BTC) ETFs in January was a watershed event for the crypto industry. Arguably, it was Wall Street’s biggest new product...

Bitcoin

US-based Wells Fargo publicly announced its spot Bitcoin ETF investments in a statement to the US Securities and Exchange Commission (SEC). On the other...

Bitcoin Mining

The mining industry for Bitcoins incurred a sizeable debt load during the bull market of 2021, which hurt their financial health during the subsequent...

Altcoin

Ripple is attempting an upside break above the $0.365 resistance zone against the US Dollar. XRP price could fail to gain pace if it...