Singapore mulls making it harder for people to trade crypto

Singapore started tightening crypto rules early this year with a ban on advertising, and plans to require virtual-asset providers to be licensed locally even if they only do business overseas. — Reuters

The Monetary Authority of Singapore is considering restricting retail investors’ use of leverage and credit facilities to trade cryptocurrencies as it joins global regulators in forging rules to govern digital assets.

Any new MAS’ rules may also include tests to determine customer suitability, Managing Director Ravi Menon said in a speech on Monday, noting that many people seem to be “irrationally oblivious” about the trading risks. It plans to publicly consult on the proposals by October, he said.