Singapore’s central bank is ‘assessing’ additional rules that will protect investors of cryptocurrency exchanges.
These rules will be in addition to its regulatory framework that cryptocurrency exchanges and service providers are currently adhering to.
A central bank official notably said: “We are assessing if additional regulations are required for investor protection.”
The remarks by a Monetary Authority of Singapore (MAS) official suggest that singapore could be looking at a more robust regulatory framework for the domestic cryptocurrency sector.
The sector has seen notable growth in recent years alongside global crypto markets.
MAS, the city-state’s central bank, is looking at these new regulations that will specifically focus on investor protection, MAS Deputy Managing Director of Financial Supervision said in a speech released last week.
MAS has mandated cryptocurrency intermediaries like exchanges and remittance operators to comply by anti-money laundering/combating the financing of terrorism (AML/CFC) rules.