{"id":5492,"date":"2022-07-08T02:02:13","date_gmt":"2022-07-08T02:02:13","guid":{"rendered":"http:\/\/cryptoheretostay.com\/?p=5492"},"modified":"2022-07-08T02:02:13","modified_gmt":"2022-07-08T02:02:13","slug":"singapore-considers-imposing-new-restrictions-on-crypto-trading","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=5492","title":{"rendered":"Singapore Considers Imposing New Restrictions on Crypto Trading"},"content":{"rendered":"<p> <script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<\/p>\n<p><strong>The Monetary Authority of Singapore (MAS) has told Parliament that the central bank is considering imposing additional restrictions on cryptocurrency trading. They include \u201cplacing limits on retail participation, and rules on the use of leverage when transacting in cryptocurrencies.\u201d<\/strong><\/p>\n<h2>MAS Considers New Restrictions on Crypto Trading<\/h2>\n<p>Tharman Shanmugaratnam, the minister in charge of the Monetary Authority of Singapore (MAS), answered a parliamentary question about the regulation of cryptocurrency Monday.<\/p>\n<p>Murali Pillai, a member of the Singapore Parliament, asked whether the MAS \u201cintends to implement further restrictions on cryptocurrency trading platforms with a view to protect unsophisticated persons from entering into such trades which are considered highly risky.\u201d<\/p>\n<p>The minister in charge of the MAS explained that since 2017, the central bank \u201chas consistently warned that cryptocurrencies are not suitable investments for the retail public.\u201d<\/p>\n<p>He detailed that in January, the central bank restricted \u201cthe marketing and advertising of cryptocurrency services in public areas, and disallow cryptocurrency trading being portrayed in a manner that trivializes its risks.\u201d Since then digital payment token (DPT) service providers in the country have taken actions to meet the central bank\u2019s rules, including \u201cremoving cryptocurrency ATMs from public areas and taking down advertisements from public transport venues,\u201d he noted.<\/p>\n<p>The minister further revealed:<\/p>\n<p>MAS has been carefully considering the introduction of additional consumer protection safeguards. These may include placing limits on retail participation, and rules on the use of leverage when transacting in cryptocurrencies.<\/p>\n<p>Minister Shanmugaratnam opined, \u201cGiven the borderless nature of cryptocurrency markets, however, there is a need for regulatory coordination and cooperation globally.\u201d He elaborated, \u201cThese issues are being discussed at various international standard-setting bodies where MAS actively participates.\u201d<\/p>\n<p>The MAS reiterated its crypto warning Monday:<\/p>\n<p>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.<\/p>\n<p><em><strong>What do you think about the comments by the minister in charge of the Monetary Authority of Singapore (MAS)? Let us know in the comments section below.<\/strong><\/em><\/p>\n<p>Kevin Helms <\/p>\n<p class=\"article__body__author__info__about\">\nA student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.<\/p>\n<p><i class=\"td-icon-font td-icon-mail-1\"\/><\/p>\n<p class=\"images_credits\"><em>Image Credits: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n<p><strong>Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<p>More Popular NewsIn Case You Missed It<\/p>\n<p><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/news.bitcoin.com\/singapore-considers-imposing-new-restrictions-on-crypto-trading\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Monetary Authority of Singapore (MAS) has told Parliament that the central bank is considering imposing additional restrictions on cryptocurrency trading. They include \u201cplacing limits on retail participation, and rules on the use of leverage when transacting in cryptocurrencies.\u201d MAS Considers New Restrictions on Crypto Trading Tharman Shanmugaratnam, the minister in charge of the Monetary [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":5493,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[1],"tags":[],"class_list":["post-5492","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-updates"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/5492","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=5492"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/5492\/revisions"}],"predecessor-version":[{"id":5494,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/5492\/revisions\/5494"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/5493"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=5492"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=5492"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=5492"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}