The Singapore regulator 'regards cryptocurrencies as unsuitable for use as money and as highly hazardous for retail investors.' crypto cryptocurrency bitcoin
Singapore Considers Stricter Rules for Retail Crypto Investors — Regulator Says Cryptocurrencies Are 'Highly Hazardous'
He outlined five areas of risk in digital assets that the central bank’s regulatory approach is focused on. They are combating money laundering and terrorist financing risks; managing technology and cyber-related risks; safeguarding against harm to retail investors; upholding the promise of stability in stablecoins; and mitigating potential financial stability risks.MAS regards cryptocurrencies as unsuitable for use as money and as highly hazardous for retail investors.
Menon explained that the new regulatory measures will make it more difficult for retail investors to trade cryptocurrencies. “Adding frictions on retail access to cryptocurrencies is an area we are contemplating,” he revealed, elaborating:
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