While the cryptocurrency industry remains under great pressure in most giant countries, the Asian city-state continues to take regulatory steps.
The Monetary Authority of Singapore, MAS, announced that it has set new benchmarks for crypto companies operating in the country. MAS announced that startups providing digital asset services must legally secure client assets by the end of the year. The text shared on the official website also includes some opinions for small investors.
Singaporean officials stated that measures to restrict cryptocurrency lending and staking will continue. MAS considers such transactions to be more suitable for big players.
The monetary authority requests feedback from the public after its statement.
Latest in Crypto Regulations
Although digital assets have not yet completed the first quarter century, they have had a great place among investors. More authoritarian regimes, such as China, have resorted to outright banning crypto in the past due to its independence and decentralization. The Western world, on the other hand, took action for regulation after some grievances experienced in the sector.
The European Union made a serious regulation with the MiCA law package it enacted last week. On the other hand, arbitrary practices continue in the USA. It is not yet clear which institution will regulate crypto money in the country.
Important financial centers such as Singapore are trying to take advantage of this gap and attract regional investments.
Risk Disclosure: The articles and articles on Kriptokoin.com do not constitute investment advice. Bitcoin and cryptocurrencies are high-risk assets, and you should do your due diligence and do your own research before investing in these currencies. You can lose some or all of your money by investing in Bitcoin and cryptocurrencies. Remember that your transfers and transactions are at your own risk and any losses that may occur are your responsibility. Cryptokoin.com does not recommend buying or selling any cryptocurrencies or digital assets, nor is Kriptokoin.com an investment advisor. For this reason, Kriptokoin.com and the authors of the articles on the site cannot be held responsible for your investment decisions. Readers should do their own research before taking any action regarding the company, assets or services in this article.
Disclaimer: Advertisements on Kriptokoin.com are carried out through third-party advertising channels. In addition, Kriptokoin.com also includes sponsored articles and press releases on its site. For this reason, advertising links directed from Kriptokoin.com are on the site completely independent of Kriptokoin.com’s approval, and visits and pop-ups directed by advertising links are the responsibility of the user. The advertisements on Kriptokoin.com and the pages directed by the links in the sponsored articles do not bind Kriptokoin.com in any way.
Warning: Citing the news content of Kriptokoin.com and quoting by giving a link is subject to the permission of Kriptokoin.com. No content on the site can be copied, reproduced or published on any platform without permission. Legal action will be taken against those who use the code, design, text, graphics and all other content of Kriptokoin.com in violation of intellectual property law and relevant legislation.