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The Monetary Authority of Singapore (MAS) is planning to introduce additional limitations to crypto access from the general public, a senior government official said.
On Monday, the minister overseeing MAS, Tharman Shanmugaratnam, told parliament that the nation’s central bank is considering “placing limits on retail participation” and establish rules on the use of leverage in crypto trading.
When asked by a member of parliament whether MAS will tighten restrictions on crypto trading platforms, Shanmugaratnam responded:
“Since 2017, MAS has consistently warned that cryptocurrencies are not suitable investments for the retail public.
Most cryptocurrencies are subject to sharp speculative price swings. Recent events have vividly demonstrated the risks, with prices of several cryptocurrencies falling drastically.”
Since January, MAS has guidelines in place which limits advertising possibilities for crypto businesses.
In addition, the Singapore central bank has recently also issued statements in which it expressed to protect the wider economy by being “brutal and relentingly hard” on “bad behavior” in the crypto industry, while making the licensing process for those firms an extremely complicated and lengthy process.