Keeping an eye on the Retail Sector
The Monetary Authority of Singapore (MAS), the Asian city-main state’s financial watchdog, reportedly aims to enact more regulatory measures in the cryptocurrency industry in order to give investors the highest level of safety. The government may implement consumer appropriateness standards and restrict retail investors’ use of credit and leverage when trading digital assets.
Singapore has expressed intentions to monitor the local digital asset ecosystem more strictly than most other countries, despite its ambition to become one of the world’s major crypto hubs.
Sources have reported that the MAS may strengthen its existing regulations by implementing customer suitability assessments. It is also prepared to keep an eye on how the retail sector uses cryptocurrencies while allowing these customers to still access the market.
The Flying Of Top Executive
Prohibiting the retail use of cryptocurrencies is not likely to be effective. The world of cryptocurrencies has no boundaries. Global authorities are now more motivated than ever to improve legislation in this area. The MAS will follow suit, according to MAS Managing Director Ravi Menon. By October of this year, the agency will have a public consultation on the revisions.
Sopnendu Mohanty, the CFS at the MAS, declared two months ago that the watchdog will be brutal and unrelentingly harsh for rogue actors in the cryptocurrency market.
Adding further safeguards appears to be a logical course of action in light of recent events involving various Singaporean businesses involved in the crypto industry. At the end of June, a British Virgin Islands court issued a closure order for the cryptocurrency hedge fund Three Arrows Capital. Su Zhu, the chief executive, reportedly left Singapore to avoid legal ramifications as the business immediately declared bankruptcy. According to certain sources, he could be living in Dubai right now.
Source: https://www.thecoinrepublic.com/2022/08/31/attention-crypto-regulations-are-going-to-be-tight-in-singapore/