To lower the risks associated with a sector that is still largely unregulated, the Monetary Authority of Singapore (MAS) is contemplating further measures to protect consumers who trade cryptocurrencies.
Singapore Steps Up Crypto Demand as Firms Prepare for Change
According to Ravi Menon, managing director of MAS, “the new MAS guidelines may include assessing the eligibility of clients and minimizing the use of leverage and leverage by retail investors to trade these digital assets.”
Early adopters of blockchain technology, Singapore has proclaimed its goal of being a center for the cryptocurrency industry. At the moment, the city-state is attempting to strike a fine balance between promoting blockchain innovation and shielding investors from some of the hazards.
Out of nearly 200 applicants, more than 10 firms have received approval to serve as digital service token suppliers so far.