The Monetary Authority of Singapore (MAS) has said that it is seeking a multi-pronged approach to safeguarding consumers from harm which it said is associated with cryptocurrency trading.
The Managing Director of MAS, Ravi Menon, confirmed this in a speech on Monday.
Menon, in his speech, said that despite warnings, consumers have remained “irrationally oblivious” towards the risks of cryptocurrencies.
“MAS has been sharing its concerns with the industry and inviting views on possible measures to minimize harm to consumers,
But banning retail access to cryptocurrencies is not likely to work.
The cryptocurrency world is borderless.”
In his words, Yes to digital asset innovation, No to cryptocurrency speculation.
“MAS is actively involved in international regulatory reviews to enhance market integrity and customer protection in the digital asset space,
Second, the industry has an important role in co-creating sensible measures to protect consumer interests.”
Menon added that the MAS is considering bringing customer suitability tests for crypto trading and banning the use of leverage and credit facilities for retail traders.
“Adding frictions on retail access to cryptocurrencies is an area we are contemplating,
“With just a mobile phone, Singaporeans have access to any number of crypto exchanges in the world and can buy or sell any number of cryptocurrencies,” he lamented.
