The proposed measures cover three broad areas — consumer access, business conduct, and technology risks.
The Monetary Authority of Singapore (MAS) is seeking feedback from the public regarding the proposed safeguards to reduce the risk of consumer harm from cryptocurrency trading as well as to support the development of stablecoins as a credible medium of exchange in the digital asset ecosystem.
In a statement, the MAS says an outright ban will not be feasible as cryptocurrencies or digital payment tokens (DPTs) play a supporting role in the broader digital asset ecosystem. To reduce the risk of consumers from speculative trading in cryptocurrencies, the MAS will require DPT service providers (DPTSPs) to ensure proper business conduct and adequate risk disclosure.
