The Monetary Authority of Singapore (MAS) admitted that the agency is trying to lower down the circulation of cryptocurrencies among Singaporean citizens.

The Monetary Authority of Singapore (MAS) is indeed a central bank of Singapore and also it is only a financial regulatory authority of the Republic of Singapore, which regulates the money, banking, insurance, securities, and the financial sector in general, as well as currency issuance in Singapore. Crypto & Blockchain industry regulation is also in hands of the MAS agency. The past steps by the MAS agency hinted that the Singapore government wants to adopt the crypto & blockchain technology fully but under the high compliance regulatory framework, to keep the bad actors away.  

On 1 August, Tharman Shanmugaratnam, Senior Minister and Minister in charge of the Monetary Authority of Singapore (MAS), responded to a question that was asked in parliament and said that the MAS agency is continuously working to collaborate with the international regulatory bodies to bring international regulatory framework on the crypto Industry.

Tharman also said that the MAS agency is continuously following its traditional steps to enhance its measures on all Money Markets, including crypto. And also confirmed that the financial regulatory body will introduce some new measures in the next few months dedicated to the crypto industry.

Further, Tharman said that organizations are continuously warning citizens against crypto investments because of the highly volatile nature of the crypto assets. 

MAS senior minister also said that they are trying to degrade the retail crypto interest.

“We will also continue to actively discourage retail participation in cryptocurrency trading, which MAS has repeatedly warned is hazardous.”

However these statements by the MAS official may sound somewhat negative for the crypto industry but still in Late June Sopnendu Mohanty, chief fintech officer of MAS, appreciated the growth of the crypto & blockchain industry. Mohanty said that the crypto industry is working to solve real-life problems. In particular, he appreciated the leadership quality of Binance CEO Changpeng Zhao.

Read also: Tron network surpassed a $5 trillion transfer value



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