Singapore Considering Additional Safeguards On Cryptos: 'Not Suitable For The Retail Public'

Zinger Key Points
  • Singapore's financial regulator is considering additional regulations on cryptos to safeguard consumers.
  • Singapore minister says global coordination to regulate cryptos is required.

The Monetary Authority of Singapore (MAS) is considering the introduction of additional consumer protection safeguards on cryptocurrencies, the country’s Minister in charge of MAS Tharman Shanmugaratnam said.

Shanmugaratnam, responding to a written query from Murali Pillai, a Member of Parliament, saying the additional safeguards for consumers would include placing limits on retail participation, and rules on the use of leverage when transacting in cryptocurrencies.

In January this year, the MAS ceased marketing and advertising crypto services in public areas and restricted trivializing crypto trading that could hurt traders and investors.

Additionally, all entities dealing in cryptos are bound to adhere to the MAS’s rules, including removing crypto ATMs from public places and taking down advertisements from public transport venues.

“Given the borderless nature of cryptocurrency markets, however, there is a need for regulatory coordination and cooperation globally. These issues are being discussed at various international standard-setting bodies where MAS actively participates,” the minister said. “Cryptocurrencies are highly risky and are not suitable for the retail public. People can lose most of the money they have invested, or more, if they borrow to purchase cryptocurrencies.”

Also Read: If You're Thinking Of Catching The Bitcoin Falling Knife, Here Are 3 Reasons To Consider Waiting

Ravi Menon, Managing Director of the MAS, had recently termed cryptos an investment in a prospective future and that not getting into the game may leave Singapore behind.

“With crypto-based activities, it is basically an investment in a prospective future, the shape of which is not clear at this point. Not getting into the game might leave Singapore behind, but now, the country has a head start and better understands its benefits as well as its potential risks,” he said.

Menon had also asserted that considering Singapore’s reputation as a global wealth hub, the country had to bolster its safeguards to combat the risks related to illicit financial flows.

Posted In: BlockchainCryptocrypto-currencycryptocurrenciesCryptocurrencyMarkets

Ad Disclosure: The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guaranty the accuracy or availability of any rates shown above. Institutions may have different rates on their own websites than those posted on The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.

All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own Web site where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.

Consumer Satisfaction: Bankrate attempts to verify the accuracy and availability of its Advertisers' terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. If you believe that you have received an inaccurate quote or are otherwise not satisfied with the services provided to you by the institution you choose, please click here.

Rate collection and criteria: Click here for more information on rate collection and criteria.