Singapore’s central bank governor, Tharman Shanmugaratnam, announced in a written response to a question from Parliament that the country’s monetary authority is “thoroughly considering putting in place additional safeguards to protect consumers, and this may include imposing restrictions on retail investor participation and leverage rules.” when making cryptocurrency transactions.
This year, the central bank emphasized that cryptocurrencies are not suitable for retail investors as a wave of market selling wiped out $2 trillion in sector value, hurting a growing list of participants.
Terraform Labs, whose stablecoin Terradollar crashed last May, is headquartered in Singapore, and the same is true of cryptocurrency hedge fund Three Arrows Capital, which was released last month. He ordered its liquidation after failing to pay creditors.
Source: El Iktisad
