The authorities of Singapore plans to expand the regulation of cryptocurrencies to cover more types of activities in order to limit the risks of investors, Bloomberg has reported.
Ravi Menon, head of the The Monetary Authority of Singapore (MAS), has said that it intends to hold consultations on the proposed measures in September-November.
The updated rules may include tightening access to cryptocurrencies for retail investors. He has said:
“In the future, in line with global requirements, we are also going to expand the scope of regulation to cover more activities. So, players who use some of these operations but are not currently covered could very well fall under control.”
A major shock to the crypto industry was the collapse of the Terra ecosystem in May, whose key participants (TerraForm Labs and Luna Foundation Guard) declared Singapore as the main jurisdiction.