The Monetary Authority of Singapore is evaluating whether additional regulation is needed to protect investors in virtual currencies.
The rapid growth of cryptocurrency ownership in the city-state is worrying the regulator. Ong Chong Tee, deputy managing director, financial supervision, at the Monetary Authority of Singapore (MAS) said in a speech on February 28, 2018: «We are assessing if additional regulations are required in the area of investor protection.»
Singapore has no immediate plan to regulate cryptocurrencies. Instead it regulates the activities surrounding them and considers what kind of risks they pose that would require regulatory action.
Outlandish Claims
In December 2017, the MAS warned investors against spending money on cryptocurrencies. «Before investing in cryptocurrencies, members of the public should carefully consider the claims being made about the products being offered, if the touted ease of making significant profits sounds too good to be true, it probably is,» the regulator said.
