Monetary authority of Singapore (MAS), the actual Central Bank of the city-state presumably is considering the introduction of new rules to protect kryptonsite.
According to Reuters, on Thursday, the Deputy managing Director of MAS, Ong Chong Tee, in his speech said that currently his Department is “assessing the need for additional regulation in the sphere of investment protection”. However, detailed details he did not disclose.
This review indicates that the legal basis of crypto-currency exchange in Singapore may undergo changes, while monetary policy enhances the oversight activity of the national crypto community.
The publication CoinDesk said MAS Chairman Tharman Shanmugaratnam said earlier that Singapore is not going to declare cryptocurrencies illegal. However, the management is working on rules that would prevent the participation of crypto-currency exchanges as money laundering and financing of terrorism.
The latter also echoes the warning issued in December last year. Recall that when the MAS reacted critically to the bitcoin price peak (20 thousand USD), urging investors to handle money with extreme caution.