Singapore Looking to Instill New Crypto Laws
The government of Singapore is saying it’s likely to implement new cryptocurrency regulations in the coming future that will potentially keep retailers safe.
Singapore Is Looking Deeper at Crypto Regulation
Singapore has commented that there is too much volatility and unsteadiness in the digital currency market, especially as of late. The country is looking to ensure people are aware of the risks before they step in. Singapore regulators also say they want retail players to know that they should never spend what they don’t have on crypto.
Senior Minister and Minister in Charge of Monetary Authority of Singapore (MAS) Tharman Shanmugaratnam explained in an interview:
MAS has been carefully considering the introduction of additional consumer protection safeguards. These may include placing limits on retail participation and rules on the use of leverage when transacting in cryptocurrencies. Given the borderless nature of cryptocurrency markets, however, there is a need for regulatory coordination and cooperation globally. These issues are being discussed at various international standard-setting bodies where MAS actively participates.
French Minister for the Economy, Finance, and Industrial and Digital Sovereignty Bruno Le Maire also threw his two cents into the mix, commenting:
Recent developments on this quickly evolving sector have confirmed the urgent need for EU-wide regulation. MICA will better protect Europeans who have invested in these assets and prevent the misuse of crypto assets while being innovation friendly to maintain the EU’s attractiveness.
The digital currency world has been in full swing mode as of late. What was once considered a serious financial space that could protect people against inflation and other economic problems is now being viewed as something of a joke that is not only unpredictable, but even deadly in certain instances. Bitcoin, for example, is the world’s number one digital currency by market cap.
The asset was trading for a new high of roughly $68,000 per unit about seven or eight months ago. However, the asset has lost more than 70 percent of its value since then, and the currency has basically seen years’ worth of price hikes disappear into history. Many other mainstream tokens – such as Ethereum – have followed suit, and the entire space has lost more than $2 trillion in total market value.
It’s an ugly sight to say the least, and never has regulation been more of a topic than it is now. Many are concerned that investors are at risk, and they don’t want to see traders lose all their funds.
Too Much Attention on Crypto for the “Wrong” Reasons
Deputy Prime Minister and Coordinating Minister for Economic Policies Heng Swee Keat recently stated:
Crypto assets have more recently been in the spotlight for the wrong reasons. This, however, does not reflect where the greatest value of blockchain and digital assets lies, much of which is away from the retail glare.
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