The Monetary Authority of Singapore Consider to Limit retail crypto-asset activities

The Monetary Authority of Singapore Consider to Limit retail crypto-asset activities

The Monetary Authority of Singapore (MAS) can’t rule out future changes to its cryptocurrency regulations. The central bank said that additional protections are needed for crypto-traders as they pose risks on consumers.

In response to questions raised by The Monetary Authority of Singapore (MAS) Tharman Shanmugaratnam, MAS stated that it will not rule out amending existing legislation and introducing new rules that would add more restrictions on retail crypto-traders

“These may include placing limits on retail participation, and rules on the use of leverage when transacting in cryptocurrencies,” said Shanmugaratnam.

Tharman Shanmugaratnam Photo by SudhirTv

The latest comments made by MAS chairman chasing of Singapore’s regulator reprimanding 3AC issues that happened recently, a Singapore-based crypto fund for allegedly “providing false information and exceeding assets under management threshold.”

Also read this: Here is why 3AC bankruptcy might affect NFTs Market!

According to 3AC, since June 12, it had faced withdrawals totaling $197.7 million. The company claimed that the recent implosion of the Terra ecosystem, Celsius Network’s financial woes, and 3AC defaulting on its loans are reasons for the mass withdrawals

Zhu in Singapore Photographer: Juliana Tan for Bloomberg Markets

In the comment regarding the issue, Shanmugaratnam said MAS has consistently warned against investing in cryptocurrencies because they are subject to very large price swings and high risks. “This is especially relevant given the recent highly volatile price movements and increases in the usage of cryptocurrencies,” he added

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