Kevin Helms
An Austrian economics student, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open source systems, network effects and the intersection of economics and cryptography.
Singapore is considering imposing new restrictions on cryptocurrency trading – regulating Bitcoin news
The Monetary Authority of Singapore (MAS) has told parliament that the central bank is considering imposing further restrictions on cryptocurrency trading. They include “placement of boundaries for retail participation, and rules for the use of influence in transactions in cryptocurrencies.”
MAS is considering new restrictions on crypto trading
Tharman Shanmugaratnam, the minister responsible for the Monetary Authority of Singapore (MAS), answered a parliamentary question on the regulation of cryptocurrency on Monday.
Murali Pillai, a Member of the Singapore Parliament, asked whether MAS “intends to impose further restrictions on cryptocurrency trading platforms with a view to protecting unsophisticated individuals from entering into transactions that are considered highly risky.”
The minister in charge of MAS explained that since 2017, the central bank has “consistently warned that cryptocurrencies are not suitable investments for retail.”
He described that in January the central bank restricted “the marketing and advertising of cryptocurrency services in public areas, and allowed cryptocurrency trading to be conducted in a way that downplays risk”. Since then, providers of digital payment tokens (DPT) in the country have implemented measures to comply with the central bank’s rules, including “the removal of cryptocurrency ATMs from public areas and the removal of advertising from public transport locations,” he noted.
The Minister further revealed:
MAS has carefully considered the introduction of additional consumer protection. These may include setting limits on retail participation, and rules for the use of influence in transactions in cryptocurrencies.
Minister Shanmugaratnam said: “Given the boundless nature of cryptocurrency markets, however, there is a need for regulatory coordination and cooperation globally.” He elaborated: “These issues are discussed in various international standardization bodies in which MAS participates actively.”
MAS repeated its crypto warning on Monday:
Cryptocurrencies are very risky and are not suitable for retail. People can lose most of the money they have invested, or more if they borrow to buy cryptocurrencies.
What do you think of the comments from the Minister responsible for Monetary Authority of Singapore (MAS)? Let us know in the comments section below.
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