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Crypto Regulations Says Singapore’s Central Bank

Singapore has decided to strengthen and broaden its crypto regulatory framework amid the crypto downturn.This move by MAS comes after witnessing the industry’s meltdown. Ravi Menon, Managing Director of MAS, is of the opinion that investing in cryptocurrencies remains extremely risky.

The tightening of the scope of digital asset regulations is now going to look into more activities and also rigidify retail investors’ access to the virtual currency according to the recent rules.These rules shall be proposed soon over the next few months. Additionally, MAS is considering to consult on its proposed measures around the months of September and October of 2022. As per the launch of MAS’s annual report, the main focus area of regulation within and even outside of Singapore has remained money laundering and terrorism financing.

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