Monetary Authority of Singapore may consider restricting retail investors from investing in cryptocurrencies

This article comes fromDecrypt, original author: Andrew Asmakov

Odaily Translator |

This article comes from

, original author: Andrew AsmakovOdaily Translator |

The Monetary Authority of Singapore (MAS) will not rule out amending existing legislation and introducing new rules to impose more restrictions on cryptocurrency retail traders.

Tharman Shanmugaratnam, Chairman of the Monetary Authority of Singapore

“These measures could include restrictions on retail participation and rules regarding the use of leverage in cryptocurrency trading,” Tharman wrote.

According to it, the borderless nature of the cryptocurrency market also means "the need for global regulatory coordination and cooperation."

“These issues are being discussed by various international standard-setting bodies in which the MAS is actively involved,” Tharman added.secondary titleSeveral crypto companies in Singapore are in trouble

Previously on June 30,

The Monetary Authority of Singapore issued a statement sayingSky NewsMAS noted that TAC claimed to have transferred the management of its funds to an unrelated offshore entity effective 1 September 2021. However, this statement is misleading because TAC and the offshore entity have a common common shareholder, Su Zhu, who is a director of TAC. In addition, TAC failed to notify MAS of the directorship and shareholding changes of Su Zhu and Kyle Livingston Davies within the stipulated time. TAC has also been in breach of the AUM threshold for a long time, exceeding the prescribed RFMC AUM limit of S$250 million for the period July 2020 to September 2020 and November 2020 to August 2021.According to BloombergThree Arrows Capital is also facing liquidation,Reports said the company failed to meet the margin calls of its creditors. A court in the British Virgin Islands has ordered Singapore-based Three Arrows Capital to be liquidated.According to Bloomberg

, Three Arrows Capital creditor Blockchain.com stated that it is cooperating with the court investigation of Three Arrows Capital. also,Three Arrows Capital has filed for Chapter 15 bankruptcy protection in a New York court, to protect its U.S. assets during liquidation in the BVI.In recent weeks, a growing number of crypto companies have struggled,Singaporean crypto lending firm Vauld Monday

Announced the suspension of user deposits, withdrawals and transactions. Vauld claimed that since June 12, the collapse of the stablecoin UST, the suspension of withdrawals by Celsius Network, and the default of loans by Three Arrows Capital have triggered a decline in the cryptocurrency market, resulting in a large-scale customer withdrawal operation totaling more than $197.7 million. Vauld is open to potential restructuring options. after,