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The minister overseeing the Monetary Authority of Singapore (MAS), Tharman Shanmugaratnam, attended a parliamentary session Monday, where he answered questions on cryptocurrency regulation in the country.
Murali Pillai, a Member of the Singapore Parliament representing Bukit Batok SMC, asked Shanmugaratnam if the MAS “intends to implement further restrictions on cryptocurrency trading platforms with a view to protect unsophisticated persons from entering into such trades which are considered highly risky.”
Responding to the question, the minister explained that over the last five years, the bank “has consistently warned that cryptocurrencies are not suitable investments for the retail public.”
Shanmugaratnam further explained that in January 2022, his organization banned “the marketing and advertising of cryptocurrency services in public areas, and disallow cryptocurrency trading being portrayed in a manner that trivializes its risks.” He added that since then, digital payment token (DPT) service providers in Singapore have worked to comply with the set rules, including “removing cryptocurrency ATMs from public areas and taking down advertisements from public transport venues.”
Monetary Authority of Singapore to Do More in Regulating Cryptocurrency
Still on the question, the minister revealed:
“MAS has been carefully considering the introduction of additional consumer protection safeguards. These may include placing limits on retail participation and rules on the use of leverage when transacting in cryptocurrencies.”
The MAS boss argued that due to the “borderless nature of cryptocurrency markets, however, there is a need for regulatory coordination and cooperation globally.” He further explained: “These issues are being discussed at various international standard-setting bodies where MAS actively participates.”
On Monday, the Monetary Authority of Singapore reissued warnings on crypto, noting:
“Cryptocurrencies are highly risky and are not suitable for the retail public. People can lose most of the money they have invested, or more if they borrow to purchase cryptocurrencies.”
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