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Singapore’s MAS mulls more safeguards on crypto platforms

The Monetary Authority of Singapore (MAS) is now considering additional consumer protection safeguards on cryptocurrency platforms, said Tharman Shanmugaratnam, minister in charge of the regulator. Tharman said these measures may include placing limits on retail participation and rules on the use of leverage when transacting in cryptocurrencies. MAS has reiterated its warning that cryptocurrencies are highly risky and are not suitable for the retail public. Tharman said people can lose most of the money they have invested or more, if they borrow to purchase cryptocurrencies. Currently, cryptocurrency platforms are licensed under the digital payment token (DPT) services under the Payment Services Act, which empowers the regulator to impose additional measures to ensure better consumer protections, financial stability and safeguard the efficacy of monetary policy. There are already 14 licences that have been issued.


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