singapore crypto 980x551 1 Don't be a hodler: Singapore central bank says bye to crypto

Don’t be a hodler: Singapore central bank says bye to crypto

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– The Monetary Authority of Singapore (MAS) is set to toughen the framework on crypto platforms over the upcoming months.
– This move by MAS comes after witnessing the industrys meltdown.
– Ravi Menon, Managing Director of MAS, is of the opinion that investing in cryptocurrencies remains extremely risky.
– The tightening of the scope of digital asset regulations is now going to look into more activities and also rigidify retail investors access to the virtual currency according to the recent rules.
– These rules shall be proposed soon over the next few months.
– MAS is considering to consult on its proposed measures around the months of September and October of 2022.
– As per the launch of MASs annual report, the main focus area of regulation within and even outside of Singapore has remained money laundering and terrorism financing.
– Mr Menon also added that most jurisdictions do not cover areas such as consumer protection, market conduct and reserve backing for stable coins, reviews and public consultations are in development among international regulators and are to be strengthened in these areas.
– MAS also has mentioned that Singapore will now need many such entities to get proper licensing.
– Mr Menon, also expressed concerns about crypto firms which are going through difficult times and are based out of Singapore that have little to do with crypto-related regulation in Singapore.
– Singapores anti-crypto expression has gained intensity owing to the collapse of Terraform Labs UST stable-coin collapse along with the continued crypto bloodbath.

 

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