Singapore authorities are concerned about the growing interest of citizens in cryptocurrencies and their “irrational forgetfulness” when it comes to risks associated with the trading of digital currencies.
This was stated by the Managing Director of the Currency Directorate of Singapore (MAS) Ravi Menon. Therefore, the authorities want to limit the access of retail investors to the trade in cryptocurrencies.
Mas does not intend to completely prohibit cryptocurrency trading, but wants to introduce certain restrictions that would help to cut off unskilled investors from risky operations with digital currencies.
“This may be tests for customer suitability or restriction of the use of credit shoulder and credit funds for cryptocurrency trading,” Menon said, speaking at the yes, innovation in the field of digital assets, no cryptocurrencies speculation. “
Singapore is one of the largest cryptocurrency trade centers in Asia due to relatively liberal market regulation. However, the current crisis in the cryptocurrency market and the numerous bankruptcy of companies related to the trade in digital assets forced the authorities to revise their position.