On July 4, the country’s parliament received a letter from Singapore’s financial regulator, the Monetary Authority of Singapore (MAS), informing it of the country’s strict crypto policies.
The regulator, Tharman Shanmugaratnam, senior minister and minister in charge of MAS, stated the letter in concern to offering more protection to retail participants in the crypto market.
“These may include placing limits on retail participation, and rules on the use of leverage when transacting in cryptocurrencies,” the letter stated.
The Monetary Authority of Singapore has announced plans to oversee its policy of a more restrictive and controlled crypto market in this letter.
At the beginning of the year, the regulator tightened down on crypto marketing activities and implemented a licensing system for cryptocurrency enterprises in the country.
Also read: Activists Write to the US Congress for a ‘Responsible Crypto Policy’
