Opportunities for Singaporean retail investors in the cryptocurrency market may be narrowed. The authorities are ready to take such a step to protect the residents of the metropolis from fraudulent projects and risky investments.
According to Tarman Shanmugaratnam, representing the Monetary Authority of Singapore (MAS), new consumer protection measures will help stabilize the situation in the crypto market.
As an example, the official pointed to limiting the participation of ordinary traders in transactions using leverage - a strategy that has already led to the bankruptcy of many investors and companies in May and June.
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The MAS reminded that cryptocurrencies are volatile assets.
The regulator will not only strengthen control over this area but will also take the necessary measures to protect investors.
In January, the Monetary Authority of Singapore imposed restrictions on the posting of information promoting cryptocurrency investments. Thus, the authorities expect to reduce people's interest in digital assets and mitigate the risks associated with their acquisition.