Singapore is planning to introduce new regulations that will tighten the trade of cryptocurrencies by retail investors, according to one of the country’s leading regulatory officials. The step is being taken to safeguard the interest of investors, given the fact that they remain “irrationally oblivious” about the risks associated with the market.titled “Yes to digital asset innovation, No to cryptocurrency speculation” this Monday when he made these remarks.
China’s largest cryptocurrency exchange Huobi and the leading American exchange Gemini are two of the many cryptocurrency ventures that have invested in the country.the Payment Services Act to broaden the scope of financial regulation in the country. This, so that digital assets such as cryptocurrencies could also be regulated.
The ensuing bloodbath didn’t spare other market players either. Cryptocurrency exchanges operating in Singapore such as Zipmex and Vauld also collapsed during this period.
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