Crypto Ban: Singapore said – a ban on cryptocurrencies is not practical, proposes to reduce risk

Posted on 27th Oct 2022 by rohit kumar

The Singapore Central Bank, the monetary authority of Singapore, has published a paper proposing regulatory measures to reduce the risk of loss to consumers from trading in cryptocurrencies. Noting regulatory measures in the public domain, Singapore's central bank said however that trading in cryptocurrencies is "highly risky" and not suitable for the general public.

 

 

However, it also said that digital assets play a supporting role in the wider digital asset ecosystem, which is why it believes it would not be practical to ban them.

To reduce the risk to consumers from speculative trading in cryptocurrencies, it believes that proper "business conduct" and "adequate risk standards" should be ensured, an official statement from the central bank said on Wednesday. To do so would require service providers of such digital assets.

 

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