Bank of Singapore is considering new rules on the protection of cryptocurrency investors

The Central Bank and the financial regulator of Singapore (MAS) has plans on releasing new regulations for the protection of cryptocurrency investors.

According to Reuters, the Deputy managing Director of MAS, Ong Chong Tee (Ong Chong Tee) said on Thursday in his speech that his Agency is «assessing the need to create additional rules in the protection of cryptocurrency investors.» Review shows that can be developed a new regulatory framework for cryptocurrency exchanges Singapore.

This information appeared on the background of other steps of the regulator, showing the increased interest of monetary authorities to the cryptocurrency industry. Earlier it was reported that in response to parliamentary questions, Deputy Prime Minister of Singapore Tharman Shanmugaratnam (Tharman Shanmugaratnam) said that Singapore is unlikely to ban cryptocurrency trading.

However, the Agency considers
the possibility of developing a regulation to combat money laundering and the financing of terrorism for cryptocurrency exchanges. Also earlier, the head of MAS said that Singapore will regulate business, not just cryptocurrencies.

However, not all representatives of the financial authorities optimistic about the future of the cryptocurrency industry. The head of the MAS, Ravi Menon (Ravi Menon) at the beginning of this year expressed the hope that the possible collapse of the cryptocurrency market will not undermine the credibility of the blockchain technology underlying virtual currencies.

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