Singapore needs new rules to protect crypto investors

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Deputy Managing Director of MAS Ong Chong Tee, said on Thursday in his speech that his agency is currently "assessing the need for additional rules in the field of investor protection", although he did not elaborate on the details.

The commentary says that a new regulatory framework can be applied to the exchange of cryptocurrencies in Singapore, and comes as the monetary authorities are already paying close attention to domestic cryptocurrency activities.

In response to parliamentary inquiries, the chairman of MAS Tharman Shanmugaratnam said earlier that although Singapore is unlikely to prohibit the trade in cryptocurrencies, his agency has been considering the possibility of introducing rules for anti-money laundering and terrorism financing rules on exchanges.

The latest statement also follows the authorities' warning last December - at a time when bitcoin’s price reached a record level of about $ 20,000 - that investors should take extra care with respect to cryptocurrencies that are not regulated by the agency.