Singapore Authorities Will Tighten the Crypto Regulating Rules
The Singapore authorities will change the regulation of cryptocurrencies to cover more types of activities in order to limit the risks of investors, reports Bloomberg.
Monetary Authority of Singapore (MAS) head Ravi Menon said the agency would hold consultations on the proposed measures in September-November.
According to him, the new rules will cover more activities in the crypto industry in order to prevent as many possible negative precedents as possible, as was the case with Terra, Three Arrows Capital or Vauld.
Regarding these companies, Menon noted that none of them had permissions to operate under the existing licensing system for digital asset service providers. According to the publication, out of almost 200 applications, MAS approved only 14.
The head of the department praised the potential of the underlying blockchain technology, emphasizing that retail investors should avoid cryptocurrencies.