The Monetary Authority of Singapore (MAS) is mulling additional consumer protection safeguards on crypto, Tharman Shanmugaratnam, the minister in charge of the central bank, told Parliament.
See related article: Singapore’s central bank says cryptocurrencies have ‘no fundamental value’
Fast facts
- MAS is considering introducing rules on the use of leverage and limits on retail participation in crypto, Shanmugaratnam said in Parliament on Monday.
- “Recent events have vividly demonstrated the risks, with prices of several cryptocurrencies falling drastically,” he said.
- MAS currently regulates Digital Payment Token (DPT) service providers under the Payment Services Act (PS Act), primarily for risks related to money laundering and terrorism financing.
- “But the PS Act also empowers MAS to impose additional measures on DPT service providers to ensure better consumer protection, and to maintain financial stability and safeguard the efficacy of monetary policy,” the minister said.
See related article: How a market slump may be helping Singapore’s stance against retail crypto
