Ravi Menon, managing director of the Monetary Authority of Singapore (MAS), has said that Singapore is considering the adoption of new regulations to make it more difficult for retail investors to trade cryptocurrencies. In a speech entitled “Yes to Digital Asset Innovation, No to Cryptocurrency Speculation”, the official noted that despite warnings and measures, surveys show that consumers are increasingly trading in cryptocurrencies globally, not just in Singapore, attracted by the prospect of sharp price increases. “Adding frictions” on retail access to cryptocurrencies is an area the MAS is contemplating. These may include customer suitability tests and restricting the use of leverage and credit facilities for cryptocurrency trading. The MAS is also proposing to conduct public consultations on proposals to increase consumer protections.
