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MAS Managing Director Ravi Menon (Photo from MAS)

MAS unveils additional measures to safeguard retail investors vs crypto risks

Consumers are still "irrationally oblivious" about the risk of crypto trading, said MAS.

The Monetary Authority of Singapore (MAS) unveiled additional measures to further protect consumers from the risk of trading cryptocurrencies.

In a speech, MAS Managing Director Ravi Menon said consumers are still "irrationally oblivious" about the risks of cryptocurrency trading, despite several warnings and measures rolled out by the agency.

"Many consumers are still enticed by the prospect of sharp price increases in cryptocurrencies," he said.

Therefore, Menon said MAS will add "frictions on retail access to cryptocurrencies is an area we are contemplating."

"These may include customer suitability tests and restricting the use of leverage and
credit facilities for cryptocurrency trading," Menon said.

Menon, however, underscored that regulations from MAS alone will not be enough to protect retail investors from crypto risks.

"Safeguarding consumers from harm requires a multi-pronged approach," Menon said, adding that global cooperation, industry collaboration, and consumers must also take part in reducing the risk of cryptocurrencies.

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