Tharman Shanmugaratnam, the senior minister and minister who is responsible for the Singapore Monetary Authority (MAS), said that the new market conditions clearly show risks with the price of several cryptocurrency that were dipped significantly, ZDNet reported.
The country, known for the crypto friendly atmosphere, is now reflecting on additional rules in the cryptocurrency trade “needed to protect the general public”.”Mas has been carefully considering the introduction of additional consumer protection. This might include limiting retail participation and rules regarding the use of leverage when transacting in cryptocurrency,” Shanmugaratnam said in a written response to parliamentary questions.
Singapore’s authority in January this year limits the marketing and advertisement of cryptocurrency services in public places.Since then, Crypto providers have removed Cryptocurrency ATMs and advertisements from public areas and public transportation.
The European Union last week reached a temporary agreement on cryptocurrency regulations aimed at “protecting investors and maintaining financial stability”.MAS in May announced plans to drive cases of the use of assets and assess the feasibility of autonomous trade powered by blockchain technology.
In India, the Reserve Bank of India (RBI) last week slammed crypto assets without returning (such as bitcoin), stablecoin and decentralized finances (Defi) and crypto asset trading platforms, underline the need for regulatory fences to ensure financial and consumer stability and investors underline Regulators regulators for financial and consumer and investor and investor stability to require regulators to ensure financial and consumers and consumers and consumers. protection.
In the “Annual Financial Stability Report” of 2022, the Central Bank of India and the Regulatory Agency said that the initial consequences were reflected in the Crypto ecosystem with one stablecoin losing almost all of its value and one more driver from the US dollar.
This refers to the collapse of Cryptocurrency Terrausd and Luna who threw many investors panic in May. In an accident, Terrausd and Sister Coin Luna who used to have lost almost all of its value, sending shock waves throughout the world.Governor of RBI Shaktikanta Das said that cryptocurrency is a clear danger to the financial system, adding that the world must pay attention to the risks that arise on the horizon.
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