The Straits Times says

Grow digital assets but protect the public

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Even as Singapore promotes the growth of the digital asset ecosystem, it seeks to make the public aware of the price volatility of cryptocurrencies and the risk of market manipulation, and to shield them from the worst of their effects. Regulators are looking to make it harder for the public to buy cryptocurrencies, especially after the crash of stablecoin TerraUSD and its sister token Luna, which sparked a domino effect that landed several crypto exchanges, as well as lender Hodlnaut, in insolvency woes which left retail investors high and dry. Despite the risk that they could lose all the money they put into cryptocurrencies, many are still enticed by the prospect of sharp price increases and quick profits.

Banning retail access to crypto within Singapore will not work as Singaporeans can access any number of crypto exchanges in the world with just a mobile phone. Thus, the authorities here have taken other steps. Since January, the Monetary Authority of Singapore (MAS) has restricted digital asset players from promoting cryptocurrency services in public spaces. Singapore-based virtual asset service providers doing business overseas are required to be licensed in the city. MAS has also repeatedly warned the public that dealing in cryptocurrencies is highly hazardous - not only are the values of cryptocurrencies extremely volatile, but customers' monies are also not protected under the law.

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