Singapore Weighs New Crypto Safeguards as Industry Stumbles

July 5, 2022 Singapore Blockchain

Singapore is considering new rules to protect consumers after plunging digital asset prices triggered a series of high-profile crypto blowups, including firms based in the city-state.

The Monetary Authority of Singapore “has been carefully considering the introduction of additional consumer protection safeguards,” Tharman Shanmugaratnam, the central bank’s chairman, said in a written response to a question from parliament. “These may include placing limits on retail participation, and rules on the use of leverage when transacting in cryptocurrencies.”