{"id":6770,"date":"2022-08-30T05:09:00","date_gmt":"2022-08-30T05:09:00","guid":{"rendered":"https:\/\/cryptoheretostay.com\/?p=6770"},"modified":"2022-08-30T05:09:03","modified_gmt":"2022-08-30T05:09:03","slug":"singapore-considers-stricter-rules-for-retail-crypto-investors-regulator-says-cryptocurrencies-are-highly-hazardous","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=6770","title":{"rendered":"Singapore Considers Stricter Rules for Retail Crypto Investors \u2014 Regulator Says Cryptocurrencies Are &#8216;Highly Hazardous&#8217;"},"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> Singapore\u2019s central bank, the Monetary Authority of Singapore (MAS), is contemplating imposing stricter rules on retail crypto investors. \u201cMAS regards cryptocurrencies as unsuitable for use as money and as highly hazardous for retail investors,\u201d said the central bank chief.<br \/><\/strong><\/p>\n<h2>New Rules May Be Coming to Retail Crypto Investors in Singapore<\/h2>\n<p>Ravi Menon, the managing director of the Monetary Authority of Singapore (MAS), the Singaporean central bank, talked about cryptocurrency regulation at the Green Shoots seminar Monday.<\/p>\n<p>He outlined five areas of risk in digital assets that the central bank\u2019s regulatory approach is focused on. They are combating money laundering and terrorist financing risks; managing technology and cyber-related risks; safeguarding against harm to retail investors; upholding the promise of stability in stablecoins; and mitigating potential financial stability risks.<\/p>\n<p>The central bank chief noted:<\/p>\n<p>MAS regards cryptocurrencies as unsuitable for use as money and as highly hazardous for retail investors.<\/p>\n<p>\u201cCryptocurrencies lack the three fundamental qualities of money: medium of exchange, store [of] value, and unit of account,\u201d he emphasized.<\/p>\n<p>Menon explained that the new regulatory measures will make it more difficult for retail investors to trade cryptocurrencies. \u201cAdding frictions on retail access to cryptocurrencies is an area we are contemplating,\u201d he revealed, elaborating:<\/p>\n<p>These may include customer suitability tests and restricting the use of leverage and credit facilities for cryptocurrency trading.<\/p>\n<p>However, the central banker stressed:<\/p>\n<p>But banning retail access to cryptocurrencies is not likely to work.<\/p>\n<p>\u201cThe cryptocurrency world is borderless. With just a mobile phone, Singaporeans have access to any number of crypto exchanges in the world and can buy or sell any number of cryptocurrencies,\u201d he opined.<\/p>\n<p>\u201cMAS\u2019 development strategy makes Singapore one of the most conducive and facilitative jurisdictions for digital assets,\u201d Menon concluded. \u201cAt the same time, MAS\u2019 evolving regulatory approach makes Singapore one of the most comprehensive in managing the risks of digital assets, and among the strictest in areas like discouraging retail investments in cryptocurrencies.\u201d<\/p>\n<p><em><strong>What do you think about the comments by the head of the Singapore central bank? 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-stricter-rules-for-retail-crypto-investors-regulator-says-cryptocurrencies-are-highly-hazardous\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Singapore\u2019s central bank, the Monetary Authority of Singapore (MAS), is contemplating imposing stricter rules on retail crypto investors. \u201cMAS regards cryptocurrencies as unsuitable for use as money and as highly hazardous for retail investors,\u201d said the central bank chief. New Rules May Be Coming to Retail Crypto Investors in Singapore Ravi Menon, the managing director [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":6771,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[1],"tags":[],"class_list":["post-6770","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\/6770","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=6770"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/6770\/revisions"}],"predecessor-version":[{"id":6772,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/6770\/revisions\/6772"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/6771"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=6770"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=6770"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=6770"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}