Singapore Proposes Measures To Reduce Risk of Crypto Trading
CoinEdition
Published Oct 27, 2022 03:43AM ET
Updated Oct 27, 2022 04:00AM ET
Singapore Proposes Measures To Reduce Risk of Crypto Trading
- MAS proposed measures to reduce risks to consumers from crypto trading.
- The regulators also focus on enhancing stablecoin-related activities.
- The proposed measure will focus on consumer access, business conduct, and technology risks.
On Wednesday, the Monetary Authority of Singapore (MAS) proposed measures to reduce the risks involved with crypto trading and enhance regulations of stablecoin-related activities. The consultation papers that were issued by MAS proposed restricting retail investors from borrowing money or using credit cards to buy crypto and warned users against lending out their digital tokens in search of yields.
Additionally, Ms. Shin explained that the enhanced regulatory regime for stablecoins aims to support the development of value-adding payment use cases for stablecoins in Singapore.
The Deputy Managing Director also mentioned that MAS will partner with industry players to explore the potential benefits of tokenization and distributed ledger technology. The authority claimed that it will make the appropriate adjustments to the regulatory framework and address the associated risks.
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