Singapore mulls tightening cryptocurrency trading by retail investors

A Daenary’s and Co cryptocurrency ATM booth is pictured in Singapore, after the crypto ATM operator in Singapore said they have ceased crypto trading services on their five crypto ATMs to comply with Monetary Authority of Singapore (MAS)’s new guideline announced on Monday, January 19, 2022. REUTERS/Edgar Su

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SINGAPORE, Aug 29 (Reuters) – The chief of Singapore’s central bank said the city-state is considering new measures that will make it more difficult for retail investors to trade cryptocurrencies at a time when they seem to be “irrationally oblivious” about the risks.

“Adding frictions on retail access to cryptocurrencies is an area we are contemplating,” Ravi Menon, managing director of the Monetary Authority of Singapore (MAS) said at a seminar on Monday.

“These may include customer suitability tests and restricting the use of leverage and credit facilities for cryptocurrency trading,” he added.

The MAS in January issued guidelines to limit cryptocurrency trading service providers from promoting their services to the public, as part of its attempts to shield retail investors from potential risks. read more

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Reporting by Anshuman Daga and Yantoultra Ngui; Editing by Kanupriya Kapoor

Our Standards: The Thomson Reuters Trust Principles.

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