The Monetary Authority of Singapore (MAS) has unveiled its final regulations governing cryptocurrency service providers, including provisions to reduce speculation and safeguard retail investors.
The new regulations, which are set to go into effect in January 2024, require crypto businesses to obtain a license from the MAS before operating in Singapore. Additionally, they prohibit using credit cards for cryptocurrency purchases and impose strict limitations on advertising.
CoinDesk quoted Ho Hern Shin, Deputy Managing Director of Financial Supervision at the MAS, stating, “The measures will be implemented to curb excessive retail participation in cryptocurrency trading and protect consumers from potential harm due to the inherent risks associated with cryptocurrencies.” “We believe the revised regulatory framework will foster a sustainable and responsible crypto ecosystem in Singapore,” he added.
The MAS has also announced that it will ease investment qualifications for cryptocurrency funds, allowing accredited investors to allocate up to 10% of their net investable assets to these funds, up from the previous 5% limit. For institutional investors, the allocation limit will remain at 100%.
These changes are part of Singapore’s broader strategy to promote innovation in the financial sector while ensuring that cryptocurrency risks are adequately managed.
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