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The MAS in Singapore May Further Restrict Crypto
It has been revealed that the Monetary Authority of Singapore (MAS) is looking at the addition of
05 July, 2022

It has been revealed that the Monetary Authority of Singapore (MAS) is looking at the addition of restrictions that could impact how retail investors handle crypto.

As in the parliamentary records released on July 4, MAS may consider “placing limits on retail participation” for cryptocurrency investors and introduce rules on using leverage for cryptocurrency transactions.

According to MAS chair Tharman Shanmugaratnam, there should be regulatory clarity among financial regulators worldwide as crypto markets are without borders.

Crypto service providers were barred from marketing or advertising in public spaces about seven months ago as directed by the regulatory body. MAS also came up with regulations to stop the operations of cryptocurrency ATMs in the country.

The regulator said Singapore’s Payment Services Act gives it the power to impose more restrictions on cryptocurrency service providers towards ensuring better consumer protection, and towards maintaining financial stability and safeguarding the effectiveness of monetary policy.

MAS highlighted recent events as the risk of cryptocurrency investments. Three Arrows Capital was reproved by the regulator four days ago due to alleged provision of false information and exceeding assets under the management threshold.

MAS is still considering the approval of firms that handle digital assets in the country despite the current market downturn. Crypto.com was granted an in-principle approval by the regulator last month. The approval allows the cryptocurrency exchange to offer some payment services in Singapore.

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