Singapore has been one of the most prospective markets for crypto investors. However, the Monetary Authority of Singapore has announced a number of restrictions on the transactions involving cryptocurrencies. According to the latest news, the authority had stated that a set of new rules and regulations will be implemented shortly that will limit the amount of retail participation in the crypto market. They also revealed their plans of enforcing new regulations regarding the usage of crypto transaction leverages. One of the veteran Government officials addressed the media recently speaking about the country’s plans toward crypto. He stated that a lot of meetings have been held about restricting the way retail investors approach the cryptocurrency market.
Tharman Shanmugaratnam is the head of the department at MAS. Tharman confirmed the news recently on Monday that the country will be implementing the rules. The chairman of MAS stated that according to him, financial clarity was a major point of concern. He also stressed the fact that since the market of cryptocurrency did not have a national boundary, things needed to be crystal clear between the investors. Singapore had previously restricted the service providers from putting up crypto advertisements in public places. Let us learn more about the story in detail below.
Singapore More Strict About Crypto
Rules for crypto transactions in Singapore will be getting a lot more strict in the upcoming days. The chairman of MAS stated that all the upcoming restrictions were required for the safeguard the consumers. Following the volatile nature of the investment, it was very much important for the government to keep a close watch on customer protection.
The soon-to-be-introduced restrictions in Singapore are said to provide stability to finances and upscale the safety and efficacy of the monetary policies.