Better regulation needed to shape growth and adoption of crypto

While crypto retail trading is not encouraged in Singapore, MAS is supportive of crypto service providers with strong governance and promising business models to innovate. PHOTO: PIXABAY
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SINGAPORE - Last week's cryptocurrency crash, led by the collapse of TerraUSD (UST) and Luna, pummelled confidence in the emerging asset class and triggered more urgent calls to regulate the sector.

Both the UST and Luna tokens lost more than 90 per cent of their value last week and probably will not regain investors' confidence, given that faith in the underlying crypto is key to its success, Ms Ipek Ozkardeskaya, a senior analyst at Swissquote Bank, said in a note on Friday (May 13).

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