20.4 C
Cairo
March 29, 2024
Business

Singapore considers tightening cryptocurrency trading by retail investors

As stated by Singapore’s central bank chief, the city-state is considering new measures that will make it more difficult for retail investors to trade cryptocurrencies at a time when retail investors seem to be “irrationally oblivious” to the risks involved. According to Reuters, Ravi Menon, managing director of the Monetary Authority of Singapore (MAS), said that adding frictions to consumers’ access to cryptocurrencies is something the authority is considering at a seminar on Monday.

Singapore considers tightening cryptocurrency trading by retail investorsAccording to him, a few of these steps may include suitability tests for customers and restrictions on the use of leverage and credit facilities for cryptocurrency trading. As part of its efforts to protect retail investors from the potential risks associated with cryptocurrency trading, the MAS issued guidelines in January to limit cryptocurrency trading service providers from advertising their services to the public.

Related posts

ADNOC announces gas discovery offshore of Abu Dhabi

Admin

UAE to introduce federal corporate tax on business profits from June 2023

Admin

Masdar GEDP sign deal to develop largest solar power plant in Georgia

Admin

UAE to participate in Gujarat investor summit as Partner Country

Admin

ADNOC, TAQA announce $3.6 billion project to decarbonise operations

Admin

Renewable energy and innovation in focus as ME LPG Week concludes

Admin