Singapore authorities weigh tighter regulation of cryptocurrencies

The Monetary Authority of Singapore (MAS) is considering tighter regulation of the cryptocurrency industry. This is stated in the regulator’s response to a parliamentary inquiry.

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According to the document, MAS is studying additional consumer-protection measures.

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“They may include restrictions on participation in retail trading and rules governing the use of leverage in cryptocurrency transactions,” the regulator said.

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Earlier MAS not to advertise their services to the general public to avoid the risk of speculation.

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At the end of June, the regulator issued a reprimand to the hedge fund Three Arrows Capital for providing false information and exceeding the permitted asset-under-management threshold.

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Earlier, MAS warned it would crack down relentlessly on violations in the cryptocurrency industry.

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