Singapore Strengthens Regulations to Protect People in Cryptocurrency Trading
The Monetary Authority of Singapore (MAS),
which acts as the country’s central bank and financial overseer, has introduced enhanced rules to safeguard individuals involved in cryptocurrency trading. The MAS has solidified these regulations to ensure people are protected and to limit their involvement in this type of trading. These measures come after a thorough yearlong process of public input and review.
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Starting from mid-2024,
the new rules will prevent cryptocurrency platforms, also known as digital payment token (DPT) service providers, from accepting purchases made with locally issued credit cards. Furthermore, any incentives that encourage people to trade digital tokens, such as free trading credits or rewards, will be banned.
The Monetary Authority of Singapore (MAS),
While the MAS is focused on safeguarding customers’ interests,
it acknowledges that these regulations cannot completely shield them from the inherent risks associated with speculative and highly volatile cryptocurrency trading. Ho Hern Shin, the MAS deputy managing director for financial supervision, advises consumers to be cautious and avoid transactions with unregulated entities, including those operating internationally.
She emphasized:
“While these business conduct and consumer access measures can help meet this objective, they cannot insulate customers from losses associated with the inherently speculative and highly risky nature of cryptocurrency trading.”
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These new measures will apply to all retail customers,
irrespective of their place of residence, and will include individuals who are not accredited or institutional investors. Accredited investors are defined as those possessing over $1 million in net financial assets.
MAS Managing Director Ravi Menon recently criticized cryptocurrencies,
stating that they have not performed well as effective digital money. He pointed out issues such as poor performance as a medium of exchange or store of value, susceptibility to speculative price swings, and significant losses suffered by many cryptocurrency investors. Share your thoughts on what you found appealing in this article and any suggestions for improvement.
For more in-depth information on cryptocurrencies, explore our comprehensive guide on «What are cryptocurrencies and which one do you recommend buying, if I have 100 dollars and I want to leave it until after the bullrun (April 2024)?«
By Claudio Hurtado Team marketingratis.com, +56945517215, marketingratischile@gmail.com: digital marketing, crypto market, free classified ads and more.
