The Monetary Authority of Singapore (MAS), the city-state’s de facto central bank, is reportedly looking at whether new rules are needed to protect cryptocurrency investors.
According to a Reuters report, Ong Chong Tee, deputy managing director of MAS, said during a speech Thursday that his agency is currently “assessing if additional regulations are required in the area of investor protection,” though he didn’t elaborate on the details.
The comment signals that a new regulatory framework may be imposed on cryptocurrency exchanges in Singapore, and comes as the monetary authority is already paying close attention to domestic cryptocurrency activities.
As reported by Bit-coinTalk, in response to parliamentary inquiries, MAS chairman Tharman Shanmugaratnam has previously said that, while Singapore is not likely to ban cryptocurrency trading, his agency has been looking at imposing anti-money laundering and terrorism financing rules on exchanges.
The latest statement also follows the authority’s warning in December of last year – at a time when bitcoin’s price reached an all-time-high of around $20,000 – that investors must be extremely cautious in dealing with cryptocurrencies, which are not regulated by the agency.
Singapore dollar image via Shutterstock