On Monday, Ravi Menon (Monetary Authority of Singapore’s managing director) discussed the mixed responses of the agency over cryptocurrency, while appearing at a session in front of the public. The public asserted that the local regulatory agencies were disseminating crypto-supporting sentiments whereas also threatening the space with additional regulations simultaneously.
MAS of Singapore Considers Additional Regulations Crypto for Retail Investments
As per a unique statement made by Menon, there is some truth in the respective observation. He states that there is a requirement for the agency to provide a better elaboration on the situation. Generally, MAS supports digital assets, in the words of Menon. He added that the agency is in the favor of innovation in the sector of digital assets however it does not support the crypto speculation.
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He specified that the regulatory agencies intend to turn the island nation into a center for distributed ledger technology-based operations as well as innovation in the fintech space. The recent statements suggest that the issue is within the crypto sector thus a thorough and strict licensing procedure is implemented by the MAS for cryptocurrencies, as explained by Menon.
As per the executive, this counts as a cause behind the cautions against the retail crypto investments as well as the limitations put on the retail crypto tokens. The regulators refer to the high volatility within the crypto market, responsible for excluding them from being categorized as worthwhile investment assets or currencies.
Consumers Get Questionnaires from MAS regarding Holdings and Business Activity
MAS asserts that these currencies’ price does not have any correlation with the essential economic value linked to their distributed ledger-based usage. The respective remarks have been witnessed following a series of recent developments that have been made by the native authorities of Singapore on the subject of digital currencies. In this respect, questionnaires were sent by MAS on 26th August to the customers in advance of taking any conclusive move.
The respective questionnaires were related to business operations as well as holdings. Simultaneously, Crypto.com (a crypto trading venue) was successfully provided approval by the Singaporean regulators to organize its activities within the jurisdiction of the country on 22nd June this year. In advance of this, it had been looking at the restrictions posed to the retail participation targeted toward the crypto-related operations.
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