Singapore to Tighten Crypto Regulation

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The Monetary Authority of Singapore (MAS), the country's financial regulator, is studying the possibility of introducing stricter regulation for the crypto sector.

According to a response from the regulator to a parliamentary inquiry, the MAS is considering additional consumer protection measures.

In particular, the regulator has said:

"These may include placing limits on retail participation, and rules on the use of leverage when transacting in cryptocurrencies."

The MAS has previously advised firms in the industry not to advertise their services to the general public in order to avoid the risk of speculation.

The regulator issued a reprimand in late June to hedge fund Three Arrows Capital for providing false information and exceeding the permitted threshold of assets under management.

The MAS threatened that it would be "relentlessly tough" to combat violations in the cryptocurrency sector.

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