{"id":66454,"date":"2022-08-29T19:56:45","date_gmt":"2022-08-29T16:56:45","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=66454"},"modified":"2025-09-07T01:23:28","modified_gmt":"2025-09-06T22:23:28","slug":"singapore-authorities-to-curb-speculation-in-cryptocurrencies","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/singapore-authorities-to-curb-speculation-in-cryptocurrencies\/","title":{"rendered":"Singapore authorities to curb speculation in cryptocurrencies"},"content":{"rendered":"<p>The Monetary Authority of Singapore (MAS) intends to foster a vibrant digital assets ecosystem, while curbing &#8216;speculative trading of cryptocurrencies,&#8217; MAS managing director Ravi Menon said.<\/p>\n<blockquote class=\\\"twitter-tweet\\\">\n<p dir=\\\"ltr\\\" lang=\\\"en\\\">At the Green Shoots Seminar this morning, MAS MD Ravi Menon, explained the complexities of the <a href=\\\"https:\/\/twitter.com\/hashtag\/digitalasset?src=hash&#038;ref_src=twsrc%5Etfw\\\">#digitalasset<\/a> ecosystem and its different components, &#038; what MAS is actively promoting and discouraging; and what are the risks MAS is seeking to manage. <a href=\\\"https:\/\/t.co\/6LkxiaFpZr\\\">https:\/\/t.co\/6LkxiaFpZr<\/a><\/p>\n<p>\u2014 MAS (@MAS_sg) <a href=\\\"https:\/\/twitter.com\/MAS_sg\/status\/1564106599186276354?ref_src=twsrc%5Etfw\\\">August 29, 2022<\/a><\/p><\/blockquote>\n<p> <script async=\\\"\\\" src=\\\"https:\/\/platform.twitter.com\/widgets.js\\\" charset=\\\"utf-8\\\"><\/script>\\n\\n<\/p>\n<blockquote class=\\\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\\\">\n<p>\\&#8221;Cryptocurrencies have taken on a life of their own outside the distributed ledger\u2014and that is a source of problems for the industry. \u2026 Speculation in cryptocurrencies is not something MAS approves of and seeks to limit,\\&#8221; Menon said at the Green Shoots seminar.\\<\/p>\n<\/blockquote>\n<p>\\n\\n<\/p>\n<p>According to him, the regulator&#8217;s aim is to create an innovative and responsible digital assets ecosystem in Singapore. The official added that the authority regards cryptocurrencies as &#8216;unsuitable for use as money and highly dangerous for retail investors&#8217;.<\/p>\n<p>\\n\\n<\/p>\n<blockquote><p>\\&#8221;MAS sees good potential in stablecoins provided they are backed by high-quality reserves and well regulated,\\&#8221; added Menon.<\/p><\/blockquote>\n<p>\\n\\n<\/p>\n<p>The regulator also views wholesale <a href=\\\"https:\/\/forklog.news\/cryptorium\/chto-takoe-tsifrovaya-valyuta-tsentrobankov-cbdc\/\\\">CBDC<\/a>, \\&#8221;especially for cross-border payments and settlements.\\&#8221; He added that he has not heard compelling arguments in favour of the central bank&#8217;s retail digital currencies in Singapore.<\/p>\n<p>\\n\\n<\/p>\n<blockquote><p>\\&#8221;I hope this presentation has shown clearly that MAS&#8217;s pro-activity in digital-asset operations and its restrictive stance on cryptocurrency speculation do not contradict each other. In fact, it is a synergistic and holistic approach to developing Singapore as an innovative and responsible global centre for digital assets,\\&#8221; concluded Menon.<\/p><\/blockquote>\n<p>\\n\\n<\/p>\n<p>In July, the regulator <a href=\"https:\/\/u1f987.com\/en\/news\/singapore-to-tighten-cryptocurrency-regulation\">announced<\/a> tougher regulation of cryptocurrencies to curb investor risk. Prior to that, authorities <a href=\"https:\/\/u1f987.com\/en\/news\/singapore-central-bank-threatens-unscrupulous-players-in-the-crypto-industry\">promised<\/a> to fight violations in the sector &#8216;cruelly and relentlessly&#8217;.<\/p>\n<p>\\n\\n<\/p>\n<p>As reported in August, Bloomberg sources said that MAS sent inquiries to cryptocurrency firms about their activities and assets.<\/p>\n<p>\\n\\n<\/p>\n<p>Read ForkLog&#8217;s Bitcoin news in our <a href=\\\"https:\/\/telegram.me\/forklog\\\" target=\\\"_blank\\\" rel=\\\"nofollow noopener\\\">Telegram<\/a> \u2014 cryptocurrency news, prices and analysis.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Monetary Authority of Singapore (MAS) intends to foster a vibrant digital assets ecosystem, while curbing &#8216;speculative trading of cryptocurrencies,&#8217; MAS managing director Ravi Menon said.<\/p>\n","protected":false},"author":1,"featured_media":66455,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[36,946],"class_list":["post-66454","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-regulation","tag-singapore"],"aioseo_notices":[],"amp_enabled":true,"views":"22","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/66454","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=66454"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/66454\/revisions"}],"predecessor-version":[{"id":66456,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/66454\/revisions\/66456"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/66455"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=66454"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=66454"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=66454"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}