Singapore Central Bank Governor Stated About Bitcoin and Cryptocurrencies!

Singapore’s central bank governor says retail investors seem “irrationally unconcerned” about risks cryptocurrency He said they plan to introduce new regulations that will make it harder for them to trade.

Despite warnings and precautions, surveys show that consumers are not only in Singapore but globally, Ravi Menon, managing director of the Monetary Authority of Singapore (MAS), said at an event on Monday. bitcoin and crypto assets, showing that he was tempted by the prospect of sharp price increases.

“They seem unreasonably reckless about the risks of crypto-asset trading,” Menon said of investors.

Singapore May Place Restrictions on Access to Cryptocurrencies for Individual Investors

He added that MAS is considering “imposing restrictions” on individual access to cryptocurrencies.

Speaking at a seminar titled “Yes to digital asset innovation, no to crypto-asset speculation,” the official continued his statements on the subject as follows:

“These regulations may include customer compliance testing and restricting the use of leverage and credit facilities for cryptocurrency trading.”

Singapore’s welcoming approach has helped this financial center attract digital asset services related firms from China, India and elsewhere over the past few years, making it a major hub in Asia.

However, with many crypto companies in Singapore on the brink of bankruptcy recently, concerns about tighter regulations have been triggered.

Stating that MAS will seek feedback from the public on its proposals by October, Menon added that the reviews are continuing by regulators around the world.

“MAS’s facilitating stance on digital asset activities and its restrictive stance on cryptocurrency speculation are not in conflict,” Menon said.

*Not investment advice.