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Crypto-friendly Singapore mulls tougher restrictions amid meltdown

Crypto friendly Singapore mulls tougher restrictions

The Singapore government plans to introduce more stringent measures to protect consumers from cryptocurrencies, including restrictions on retail trading.

Tharman Shanmugaratnam, Chief Minister and Chief Minister of the Monetary Authority of Singapore (MAS), said recent market conditions clearly indicate a risk with the prices of many cryptocurrencies declining, reports ZDNet.

The country, known for its crypto-friendly nature, now incorporates additional rules on cryptocurrency trading “required to protect the general public”.

“MAS has been carefully considering the introduction of additional consumer protection protections. This may include imposing restrictions on trade participation and measurement rules when trading cryptocurrencies,” Shanmugaratnam said in a written reply to a parliamentary question.

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