Singapore is planning to roll out new regulations that will make it more difficult for retail investors to trade cryptocurrencies at a time when they seem to be 'irrationally oblivious' about the risks, its central bank chief said. Ravi Menon, managing director of the Monetary Authority of Singapore (MAS), said at an event on Monday (Aug 29) that despite warnings...
A Daenary’s and Co cryptocurrency ATM booth is pictured in Singapore, after the crypto ATM operator in Singapore said they have ceased crypto trading services on their five crypto ATMs to comply with Monetary Authority of Singapore 's new guideline announced on Monday. picture taken on Jan 19, 2022.
"These may 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." But recent defaults of 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, has triggered worries about tighter regulation.
Cryptocurrencies have plunged this year, as US interest rate increases and runaway inflation prompt investors to ditch riskier assets.
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