(Source from Reuters/Alamy)According to the Straits Times and Yonhap News Agency, MAS Commissioner Ravi Menon attended the seminar and said he believes individual investors are incomprehensiblely indifferent to cryptocurrency risks and is considering new measures to make cryptocurrency transactions more difficult.
Director Menon explained, “We are seeking to impose restrictions on individuals’ access to cryptocurrencies, and we are considering testing suitability for traders, leverage, and restrictions on the use of credit limits.”
Singapore has welcomed and attracted digital asset service-related companies in China and India over the past few years.
(Source from Reuters/Alamy)However, although some Singapore-based global cryptocurrency companies have fallen into default, concerns have grown as most financial regulators on consumer protection and market behavior are not subject to guidelines.
Mennon said he would seek consensus on the restrictions by October.
He stressed that the position of supporting MAS’ digital asset activities and the attitude of restricting cryptocurrency speculation are not in conflict.
According to the latest Independent Reserve survey, 40% of Singaporeans are currently investing in virtual assets. 78% of investors have Bitcoin, 50% have Ethereum, and 25% have Dodge Coin.
Singapore’s cryptocurrency-related platform Hoddle Nut plunged in cryptocurrency prices on the 16th as it froze withdrawals and token swaps due to difficult market conditions．
EJ SONG
ASIA JOURNAL
