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In a rising effort to mitigate dangers surrounding cryptocurrencies, the Monetary Authority of Singapore is trying to impose stricter laws on retail-driven crypto buying and selling.
Moreover, these guidelines might embrace “placing limits on retail participation, and rules on the use of leverage when transacting in cryptocurrencies,” mentioned Tharman Shanmugaratnam, minister answerable for MAS, in parliament on July 4.
When requested whether or not the MAS seeks to implement extra restrictions on crypto buying and selling platforms, Shanmugaratnam responded, “Since 2017, MAS has consistently warned that cryptocurrencies are not suitable investments for the retail public. Most cryptocurrencies are subject to sharp speculative price swings. Recent events have vividly demonstrated the risks, with prices of several cryptocurrencies falling drastically.”
The potential transfer got here after the MAS in mid-January instructed crypto service suppliers to not promote their crypto providers to the general public in Singapore.
In the cryptoverse, bitcoin (BTC-USD) -1% is falling barely to $19.5K as of shortly earlier than 12:30 p.m. ET. And ethereum (ETH-USD) -1.4% is drifting all the way down to $1.09K over the previous 24 hours.
In June. Crypto.com and two different crypto corporations acquired in-principle licenses from Singapore.
