“Prices of cryptocurrencies are highly volatile, driven largely by speculation rather than any underlying economic fundamentals. It is very risky for the public to put their monies in such cryptocurrencies, as the perceived valuation of these cryptocurrencies could plummet rapidly when sentiments shift.
The Monetary Authority of Singapore (MAS) is inviting views on possible measures to minimise harm to crypto consumers, seeking to publicly consult on the proposals by October this year.
MAS managing director Ravi Menon says the regulatory body has been reiterating the risks of trading in cryptocurrencies since 2017.
