Crypto Trading to get tough in Singapore

Regulators in Singapore are tightening their hold over crypto trading movements in the country. On Monday, August 29, the chief of Singapore’s central bank mentioned that the city is weighing in on new measures to make crypto trading even more challenging for retail investors.

In a seminar on Monday, Ravi Menon, managing director of the Monetary Authority of Singapore (MAS), expressed that adding frictions on retail access to cryptocurrencies is an area they are considering. These may incorporate customer suitability tests and restrict the use of leverage and credit facilities for cryptocurrency trading.

He further remarked that retail investors have been irrationally oblivious about the risks associated with crypto trading. This year, back in January, the MAS gave guidelines to limit crypto trading service providers from publicizing their services to the public. This was a move to protect retail investors from the volatility in the crypto space.

MAS Making a Move on Crypto Regulations

Addressing the continuing liquidity crisis and withdrawals, particularly with the current case of troubled hedge fund Three Arrows Capital, the MAS is taking renewed measures to bring crypto regulations into the country.

Last week, the central bank of Singapore sent exact questionnaires to all firms holding MAS’ Digital Payment Token licenses. As per the reports, the goal was to acquire highly granular information regarding the business activity and holdings of examined crypto firms.

The MAS strives to check the financial solidity and interconnection among crypto firms. The bankrupt hedge fund Three Arrows Capital has given a significant blow to the crypto markets this year.

The MAS is looking to pursue some crucial details from crypto firms such as top lending and borrowing counterparties, top tokens owned, top tokens staked through decentralized finance protocols, and the amount loaned.

Last month in July, MAS chief Ravi Menon also conveyed that they have been working on a regulatory framework. This framework will manage consumer protection, market conduct, and reserve backing for stablecoins.


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