Singapore mulls stricter rules on crypto trade

The Monetary Authority of Singapore (MAS) is considering restricting retail investors' use of leverage and credit facilities to trade cryptocurrencies as it joins global regulators in forging rules to govern digital assets. The central bank plans to roll out new regulations that will make it more difficult for retail investors to trade cryptocurrencies. MAS managing director Ravi Menon said any new rules may also include tests to determine customer suitability, noting that many people seem to be “irrationally oblivious” about the trading risks. Menon said that banning retail access to cryptocurrencies is not likely to work, adding that the cryptocurrency world is borderless. He said there is greater impetus now among global regulators to enhance regulations in this space.