FINANCIAL SERVICES | Staff Reporter, Singapore

MAS mulls additional regulations to protect cryptocurrency investors

It remains on guard for any risky activities using virtual currencies.

The Monetary Authority of Singapore (MAS) is assessing whether additional regulations must be implemented to protect cryptocurrency investors.

“As with most financial regulators, MAS does not regulate virtual currencies. But we regulate the activities that surround virtual currencies if these pose specific risks,” said Ong Chong Tee, deputy managing director (financial supervision) of MAS, in a speech.

“An example would be the Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) requirements that we have imposed on intermediaries providing virtual currency services. We are assessing if additional regulations are required in the area of investor protection,” Ong continued.

The central bank earlier said that they are closely studying the developments and potential risks of cryptocurrencies, however, see no strong case yet to ban its trading in the country.

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