According to the city-central state’s bank head, Singapore is mulling additional steps to make stricter rules for individual crypto investors. When cryptocurrencies trading at a time seems to be “irrationally oblivious” about the risks. Ravi Menon, managing director of the Monetary Authority of Singapore (MAS), said, “Despite warnings and measures, surveys show that consumers are increasingly trading in cryptocurrencies globally, not just in Singapore, attracted by the prospect of sharp price increases.” Singapore Welcoming Digital Asset Services Firms Singapore has become a key center in Asia thanks to the financial hub’s success in luring enterprises involved in digital asset services from China, India, and other countries in recent years. However, recent failures of certain Singapore-based international cryptocurrency businesses, many of which are exempt from the financial regulator’s rules on market behavior and consumer protection, have raised concerns about stricter oversight. Menon added that authorities are still conducting global reviews and that the MAS would ask the public for feedback on its suggestions by October. MAS Published Guidelines in January As part of its efforts to protect retail investors from potential risks, the MAS published guidelines in January limiting the ability of bitcoin trading service providers to advertise their offerings to the general public. This year, cryptocurrency prices have plummete...
