MAS looking at investor protection rules for cryptocurrencies

MAS looking at investor protection rules for cryptocurrencies
Representations of the Ripple, Bitcoin, Etherum and Litecoin virtual currencies are seen on a PC motherboard
PHOTO: Reuters

SINGAPORE - Singapore's central bank is assessing whether additional regulations are required to protect investors in cryptocurrencies, an official said in a speech on Thursday.

The city-state - which is aiming to be a hub for financial technology and so-called initial coin offerings in Asia - does not regulate virtual currencies and last year called for the public to exercise "extreme caution" over investment in cryptocurrencies.

Its central bank does regulate activities involving virtual currencies if they pose specific risks. For example, it imposes anti-money laundering requirements on intermediaries providing virtual currency services.

"We are assessing if additional regulations are required in the area of investor protection," Ong Chong Tee, deputy managing director (Financial Supervision), Monetary Authority of Singapore said.

Other countries like South Korea, where trading in cryptocurrencies is more popular, are looking at ways to regulate that activity.

Purchase this article for republication.

BRANDED CONTENT

SPONSORED CONTENT

Your daily good stuff - AsiaOne stories delivered straight to your inbox
By signing up, you agree to our Privacy policy and Terms and Conditions.