Singapore thinks about restricting retail investors’ access to bitcoin trading

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Last Updated on August 29, 2022 by Bitfinsider

In a time when individual investors appear to be “irrationally ignorant” to the risks, Singapore is preparing to implement new restrictions that will make it more challenging for them to trade cryptocurrencies, according to the head of the country’s central bank.

In spite of cautions and precautions, surveys show that consumers are increasingly trading in cryptocurrencies worldwide, not just in Singapore, drawn by the possibility of rapid price increases, according to Ravi Menon, managing director of the Monetary Authority of Singapore (MAS), who was speaking at an event on Monday.

Singapore has become a key center in Asia thanks to the financial hub’s success in luring enterprises involved in digital asset services from China, India, and other countries in recent years.

However, recent failures of certain Singapore-based international cryptocurrency businesses, many of which are exempt from the financial regulator’s rules on market behavior and consumer protection, have raised concerns about stricter oversight.

By October, the MAS would ask for public input on its ideas, according to Menon, who also noted that authorities around the world are still conducting reviews.

The MAS released guidelines in January to restrict bitcoin trading service providers’ ability to market their offerings to the general public. the complete tale

This year, cryptocurrency prices have plummeted as investors fled riskier investments due to rising U.S. interest rates and raging inflation.

Menon asserted that “MAS’ accommodative position on digital asset activity and restricted stance on cryptocurrency speculation are not incompatible.”

Among those with a significant presence in Singapore are the American cryptocurrency exchange Gemini and the initially China-focused cryptocurrency exchange Huobi.

In 2020, under a new system, approximately 180 crypto businesses sought for a crypto payments license from the MAS, but Singapore has only granted roughly two dozen licenses thus far following a thorough due diligence process that is currently ongoing.


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Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, legal, tax or other advice. Investing in or trading cryptocurrency or stocks comes with a risk of financial loss.


Hardware wallets are safe and secure devices that can be used offline. They keep your cryptocurrency offline, making it impossible for you to be hacked. To find out more on the leading hardware wallets, you may view our reviews here: Ledger & Trezor
Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, legal, tax or other advice. Investing in or trading cryptocurrency or stocks comes with a risk of financial loss.

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