Singapore Considers Stricter Rules for Retail Crypto Investors Regulator Says Cryptocurrencies Are ‘Highly Hazardous’

Singapore’s central bank, the Monetary Authority of Singapore (MAS), is contemplating imposing stricter rules on retail crypto investors. “MAS regards cryptocurrencies as unsuitable for use as money and as highly hazardous for retail investors,” said the central bank chief.

New Rules May Be Coming to Retail Crypto Investors in Singapore

Ravi Menon, the managing director of the Monetary Authority of Singapore (MAS), the Singaporean central bank, talked about cryptocurrency regulation at the Green Shoots seminar Monday.

He outlined five areas of risk in digital assets that the central bank’s regulatory approach is focused on. They are combating money laundering and terrorist financing risks; managing technology and cyber-related risks; safeguarding against harm to retail investors; upholding the promise of stability in stablecoins; and mitigating potential financial stability risks.

The central bank chief noted:

MAS regards cryptocurrencies as unsuitable for use as money and as highly hazardous for retail investors.

“Cryptocurrencies lack the three fundamental qualities of money: medium of exchange, store [of] value, and unit of account,” he emphasized.