The Monetary Authority of Singapore considers a ban on the participation of individuals in the crypto market
Today, the Senior Minister and Head of the Monetary Authority of Singapore, in response to a question from lawmakers about future restrictions on crypto trading platforms and high-risk assets, said that the MAS (Monetary Authority of Singapore) could ban the participation of individuals. Is applicable to the crypto market, as well as the rules relating to margin trading.
In his address to Parliament, Tharaman Shanmugaratnam also stated that over the past five years, Singapore has tried to restrict citizens in cryptocurrency transactions, prohibit advertising of crypto services in public places, as well as prohibit the installation of crypto ATMs there. policy has been adopted.
According to the minister, while all cryptocurrency companies in Singapore must comply with the January MAS guidelines, the regulator, under the PS Act (Payment Services Act), may impose additional requirements to ensure the safety of customers and the stability of the financial system. . At the same time, the MAS chief called for universal global cooperation on the issue of crypto market regulation, referring to the fact that cryptocurrencies themselves have no boundaries.
Singapore’s Stance on Crypto
Despite such a tough stance, Singapore has long held a high position in the ranking of the most crypto-friendly countries and in April ranked first only behind Germany. Meanwhile, Singaporean officials and executives have consistently stated that investing in cryptocurrencies is not suitable for everyone, and that the window of opportunity should be narrowed.
The situation was particularly heated during the collapse of Terra and its LUNA and UST tokens, during which many Singaporeans lost their savings. The liquidation situation of Three Arrows Capital Fund, which was also reprimanded by MAS for providing false information, also did not add to the optimism.
Despite the fact that Singaporean investors may be missing out on some options on the crypto market, it seems likely that the Bank of Singapore will strive to create something that meets MAS requirements and is at the intersection of centralized and decentralized finance.