According to reports, in order to provide investors with the greatest level of safety, the Monetary Authority of Singapore (MAS), the Asian city-main state’s financial watchdog, plans to impose extra regulatory measures in the cryptocurrency sector.
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The agency may implement consumer suitability standards and restrict retail investors’ use of credit and leverage when trading digital assets.
Singapore has expressed intentions to monitor the local digital asset ecosystem more strictly than most other countries, despite its ambition to become one of the world’s major crypto centers.
Singapore to strengthen existing regulations
Bloomberg recently reported that the regulatory agency in Singapore may strengthen its existing regulations by implementing customer suitability assessments. It is also willing to keep an eye on how the retail sector uses cryptocurrencies while allowing these customers to still access the market.
“Banning retail access to cryptocurrencies is not likely to work. The cryptocurrency world is borderless. There is greater impetus now among global regulators to enhance regulations in this space. MAS will also do so,” according to Monetary= dben-Authority of Singapore Managing Director Ravi Menon.
Notably, by October of this year, the regulatory agency will have a public consultation on the amendments.
Sopnendu Mohanty, the CFS at the MAS, declared two months ago that the watchdog will be “brutal and unrelentingly hard” for rogue actors in the cryptocurrency market.
Adding further precautions appears to be a logical course of action in light of recent events involving various Singapore-based businesses involved in the crypto industry. A British Virgin Islands court ordered the closure of the cryptocurrency hedge fund Three Arrows Capital at the end of June.
The company soon filed for bankruptcy, and Su Zhu, the top executive, is reported to have fled Singapore to avoid the repercussions of local law.
Moreover, a few weeks back, the MAS hinted at its plans to consult the public on Stablecoin regulations following the UST depegging incident.
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