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Singapore says retail investors ‘irrationally oblivious’ to crypto risks, plans tougher rules

Jimmy Khan

Aug 29, 2022 14:50

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In a time when individual investors seem to be "irrationally ignorant" to the dangers, Singapore is preparing to implement new restrictions that will make it more difficult 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.


They seem to be unreasonably unaware of the hazards associated with trading cryptocurrencies, he added.


The MAS was thinking about "adding frictions" to retail access to cryptocurrencies, he added.


At a conference headlined "Yes to digital asset innovation, No to cryptocurrency speculation," he said, "These may include client appropriateness assessments and banning the use of leverage and credit facilities for cryptocurrency trading."


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 across the world are still conducting evaluations.


The MAS released rules in January to restrict bitcoin trading service providers' ability to market their services to the general public.


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


The accommodating position of MAS for activities involving digital assets and its restrictive stance against bitcoin speculation are not in conflict, Menon added.


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


In 2020, under a new system, approximately 180 crypto businesses sought for a crypto payments licence to the MAS, but Singapore has only issued roughly two dozen licences so far following a thorough due diligence process that is currently ongoing.

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