Singapore considering additional safeguards on cryptos: Minister

The Monetary Authority of Singapore (MAS) is considering the introduction of additional consumer protection safeguards on cryptocurrencies, the country’s Minister in charge of MAS Tharman Shanmugaratnam has said.

Crypto Desk
First Published6 Jul 2022
A representation of cryptocurrency Binance is seen in this illustration
A representation of cryptocurrency Binance is seen in this illustration(Photo: Reuters)

The Monetary Authority of Singapore (MAS) is considering the introduction of additional consumer protection safeguards on cryptocurrencies, the country’s Minister in charge of MAS Tharman Shanmugaratnam has said.

Shanmugaratnam, responding to a written query from Murali Pillai, a Member of Parliament, said the additional safeguards for consumers include placing limits on retail participation, and rules on the use of leverage when transacting in cryptocurrencies.

In January this year, the MAS ceased marketing and advertising crypto services in public areas and restricted trivializing crypto trading that could hurt traders and investors.

Additionally, all entities dealing in cryptos are bound to adhere to the MAS’s rules, including removing crypto ATMs from public places and taking down advertisements from public transport venues.

“Given the borderless nature of cryptocurrency markets, however, there is a need for regulatory coordination and cooperation globally. These issues are being discussed at various international standard-setting bodies where MAS actively participates,” the minister said and added, “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.”

Ravi Menon, Managing Director of the MAS had recently termed cryptos an investment in a prospective future and that not getting into the game may leave Singapore behind.

“With crypto-based activities, it is basically an investment in a prospective future, the shape of which is not clear at this point. Not getting into the game might leave Singapore behind but now, the country has a head start and better understands its benefits as well as its potential risks,” he had said.

Menon had also asserted that considering Singapore’s reputation as a global wealth hub, the country had to bolster its safeguards to combat the risks related to illicit financial flows.

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.MoreLess
HomeNewsworldSingapore considering additional safeguards on cryptos: Minister

Most Active Stocks

Bharat Electronics

318.25
10:23 AM | 18 JUN 2024
8.7 (2.81%)

Indus Towers

343.90
10:18 AM | 18 JUN 2024
3.1 (0.91%)

Tata Steel

181.15
10:14 AM | 18 JUN 2024
-1.9 (-1.04%)

Zee Entertainment Enterprises

160.85
10:29 AM | 18 JUN 2024
-3.15 (-1.92%)
More Active Stocks

Market Snapshot

  • Top Gainers
  • Top Losers
  • 52 Week High

M M T C

83.80
10:23 AM | 18 JUN 2024
7.5 (9.83%)

Cochin Shipyard

2,327.30
10:27 AM | 18 JUN 2024
205.55 (9.69%)

Ramkrishna Forgings

816.00
09:59 AM | 18 JUN 2024
71.1 (9.54%)

Metro Brands

1,254.35
09:59 AM | 18 JUN 2024
104 (9.04%)
More from Top Gainers

Recommended For You

    More Recommendations

    Gold Prices

    • 24K
    • 22K
    Bangalore
    73,519.00-431.00
    Chennai
    73,806.00646.00
    Delhi
    73,519.00-144.00
    Kolkata
    73,375.00359.00

    Fuel Price

    • Petrol
    • Diesel
    Bangalore
    102.86/L0.00
    Chennai
    100.75/L0.00
    Kolkata
    103.94/L0.00
    New Delhi
    94.72/L0.00
    OPEN IN APP
    HomeMarketsPremiumInstant LoanGet App