Singapore will broaden cryptocurrency regulations to cover more activities, joining a worldwide push to clamp down on risks after a series of business failures rocked the industry.
The Monetary Authority of Singapore plans to consult on proposed steps in September or October, Managing Director Ravi Menon said in response to questions after releasing the central bank’s annual report Tuesday. The revised rules may include further tightening retail-investor access to crypto, he added without providing details.
“Going forward, in line with international regulators, we’re also going to be broadening the scope of regulations to cover more activities,” Menon said. “So, players who are doing some of these activities but are currently not caught may well be caught.”
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