Page 55 - 期货和衍生品行业监管动态（2022年7月）

期货和衍生品行业监管动态

19. Reply to Parliamentary Question on Restrictions on Cryptocurrency

Trading Platforms to Protect Members of Public (2022/7/4)

Question:

To ask the Prime Minister whether MAS intends to implement further

restrictions on cryptocurrency trading platforms with a view to protect unsophisticated

persons from entering into such trades which are considered highly risky.

Answer by Mr Tharman Shanmugaratnam, Senior Minister and Minister in

charge of MAS:

Since 2017, MAS has consistently warned that cryptocurrencies are not suitable

investments for the retail public. Most cryptocurrencies are subject to sharp

speculative price swings. Recent events have vividly demonstrated the risks, with

prices of several cryptocurrencies falling drastically.

In January this year, MAS went further than most other regulators, to restrict the

marketing and advertising of cryptocurrency services in public areas, and disallow

cryptocurrency trading being portrayed in a manner that trivialises its risks. All

entities dealing in cryptocurrencies (termed digital payment token or DPT service

providers) in Singapore are expected to comply with the MAS guidelines. Since then,

DPT service providers have taken actions to meet these rules, such as removing

cryptocurrency ATMs from public areas and taking down advertisements from public

transport venues.

DPT service providers are currently regulated under the Payment Services Act

(PS Act) primarily for money laundering and terrorism financing risks. But the PS Act

also empowers MAS to impose additional measures on DPT service providers to

ensure better consumer protection, and to maintain financial stability and safeguard

the efficacy of monetary policy.

MAS has been carefully considering the introduction of additional consumer

protection safeguards. These may include placing limits on retail participation, and

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