- Jul 27, 2015
The Monetary Authority of Singapore (MAS) said on Tuesday that its cryptocurrency regulations will add measures to protect consumers, in addition to ongoing work to contain money laundering and terrorist funding.
"Most regulatory regimes today do not cover areas such as consumer protection, market conduct, and reserve backing for stablecoins. This is changing," said MAS managing director Ravi Menon at a media conference. Menon detailed that reviews and public consultations on the matter have commenced among international standard-setting bodies, and that MAS aims to consult on proposed measures in the next few months. Menon also reminded the audience of Singapore's attitude toward crypto for consumers: just don't take the risk. Singapore has repeatedly warned retail investors to avoid cryptocurrency as it increased regulations on operators through licensing requirements and restrictions on advertising.
Singapore's anti-crypto rhetoric has increased in recent weeks, after Terraform Labs' "UST" stablecoin collapsed and helped to spark market uncertainty that has sent the price of many crypto assets tumbling. Terraform Labs is incorporated in Singapore. Other recently fallen crypto businesses, Vauld and Three Arrows Capital, are headquartered in the city-state.