Singapore Central Bank Rules to Discourage Crypto Speculation, Ease Investment Qualifications
The Monetary Authority of Singapore (MAS) has detailed the second set of its responses to feedback on a consultation paper of proposed regulations for cryptocurrency service providers. Key regulations include the requirement for crypto entities to discourage retail customers from speculating and the exclusion of locally issued credit card payments. Customer risk awareness should also be determined before service access is granted. Among the less restrictive measures, the MAS has made it easier to qualify as an accredited investor, now allowing crypto assets to count toward the S$2 million ($1.5 million) requirement. The central bank has also given exchanges the ability to establish their token listing criteria. The regulations will be implemented gradually from mid-2024.
