The Monetary Authority of Singapore (MAS) will discuss potential steps to broaden the scope of crypto regulations in the city-state, reported Bloomberg. This is in line with global efforts to lower risk for crypto investors after a series of failures hurt the industry.
MAS managing director Ravi Menon said the consultation will take place in either September or October, with the new regulations possibly including a clampdown on retail investors’ access to crypto.
This follows a crypto winter that saw multiple organizations in the space crumble, including the liquidation of Three Arrows Capital (3AC) and the collapse of stablecoin TerraUSD.
Singapore has been listed as the base of operations for the two organizations, but Menon clarified that these companies were not under Singapore’s regulatory purview as they did not hold permits issued by MAS under its system for virtual-asset service providers.
“Most regulatory regimes today do not cover areas such as consumer protection, market conduct, and reserve backing for stablecoins,” Menon said in a media briefing. “This is what MAS has been warning the public about for the past 5 years,” he added.
MAS will reveal more about its stance on crypto next month.
See also: Terra, Celsius raise prospects for crypto insurance
Editing by Samreen Ahmad and Arpit Nayak
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