Today, the senior minister and head of Singapore's Monetary Authority, in his response to a question from MPs regarding future restrictions on crypto trading platforms and high-risk assets, said that the MAS (Monetary Authority of Singapore) could impose restrictions on individuals' participation in the crypto market, as well as implement rules related to margin trading.
In his address to Parliament, Tharman Shanmugaratnam also said that over the past five years, Singapore has consistently pursued a policy of restricting citizens in cryptocurrency transactions, prohibiting the advertising of crypto services in public places, as well as the installation of crypto ATMs there.
According to the minister, while all cryptocurrency companies in Singapore must follow the January MAS guidelines, the regulator, under the PS Act (Payment Service Act), may impose additional requirements in order to protect customers and ensure the stability of the financial system. At the same time, the MAS head called for universal global cooperation on the issue of crypto market regulation, referring to the fact that cryptocurrencies themselves have no borders.
Singapore's stance on crypto
Despite such a strict attitude, Singapore has long held and continues to hold high places in the rankings of the most crypto-friendly countries, losing first place only to Germany in April. At the same time, Singapore authorities and officials have consistently stated that investments in cryptocurrencies are not suitable for everyone, and the window of opportunity should be narrowed.
The situation was particularly heated during the collapse of Terra and its LUNA and UST tokens, during which many Singaporeans lost their savings. The situation with the liquidation of the Three Arrows Capital fund, which was also reprimanded by MAS for providing false information, also did not add to the optimism.
Despite the fact that Singaporean investors may lose some options on the crypto market, it seems that Singaporean banks will take the opportunity to try to build something that meets MAS requirements and is at the intersection of centralized and decentralized finance.
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Alex Dovbnya
Dan Burgin
Vladislav Sopov