Singapore Watchdog Will Limit the Speculation with Cryptocurrencies
The Monetary Authority of Singapore (MAS) plans to develop the digital asset ecosystem while limiting “speculative trading in cryptocurrencies,” the head of the regulator, Ravi Menon, has said.
According to him:
“Cryptocurrencies have taken on a life of their own outside of a distributed ledger – and that’s the source of the industry’s problems. Cryptocurrency speculation is something that the MAS frowns upon and seeks to limit.”
He has said that the task of the regulator is to create an innovative and responsible ecosystem of digital assets in Singapore. He has added that the agency considers cryptocurrencies “unusable as money and extremely dangerous for retail investors.”
He has explained:
“MAS sees good potential in stablecoins, provided they are securely backed by high-quality reserves and well regulated.”
