SINGAPORE, Aug 29 — To further reduce consumer harm caused by volatile cryptocurrency investments, the Monetary Authority of Singapore is considering implementing measures such as customer suitability tests and restricting the use of credit facilities for cryptocurrency trading.
The developments, which followed the collapse Terra and its sister token Luna at the start of the year, raised questions on how consumers can be better protected. He also pointed to how since the start of the year, MAS has restricted the promotion of cryptocurrency services at public spaces, which led to the dismantling of Bitcoin Automated Teller Machines and the removal of advertisements.
“These may include customer suitability tests and restricting the use of leverage and credit facilities for cryptocurrency trading,” he said.