Singapore may introduce further cryptocurrency restrictions
Singapore is considering adopting additional regulations that will dictate cryptocurrency trading, deeming it necessary to safeguard the general public from scams and other threats facing the industry. These new regulations may apply to retail trading and the use of leverage in transactions. The announcement was made due to repeated warnings from the government over cryptocurrencies, including on sharp price swings that may render the currencies unsuitable retail investments for the public. In addition, recent market events have demonstrated the risks of trading cryptocurrency as several different types dropped significantly.
According to the government, certain steps are necessary to protect consumers from the negative impacts of trading cryptocurrency, including restricting the advertisement of currencies in public areas. In addition, the portrayal of cryptocurrency trading as trivial has been banned. Since the rules were adopted, token service providers have adhered to them. The government reported that cryptocurrency ATMs and advertisements had been removed from public spaces, however, there may be more regulations forthcoming.