When Cryptocurrencies Collide with Regulations: The Singaporean Approach

When dealing with cryptocurrencies, the Monetary Authority of Singapore may impose regulations requiring that agreements act under certain conditions.

The Monetary Authority of Singapore (MAS) is considering introducing further security measures on public access to crypto, a senior government minister said.

  • On Monday, Tharman Shanmugaratnam, minister in charge of MAS, said that the central bank may
  • Murali Pillai, a member of parliament, asked Shanmugaratnam whether the MAS was considering further restrictions on crypto trading platforms.
  • "Since 2017, MAS has consistently warned that cryptocurrencies are not suitable investments for the retail public," Shanmugaratnam said. "Most cryptocurrencies are subject to sharp price swings. Recent events have vividly demonstrated the risks, with prices of several currencies plummeting."
  • In January, MAS introduced rules that restricted how crypto companies could advertise to the public. Crypto firms are not allowed to market their services in public areas or media that reach the general public, such as newspapers, TV and social media platforms.
  • In an interview with the Financial Times, Sopnendu Mohanty said that MAS was being "brutal and relenting" in its treatment of companies in the crypto industry that are engaging in "bad behavior."