The Monetary Authority of Singapore (MAS), the country's regulator, intends to tighten the regulation of the crypto sector in order to cover more types of activities and thus limit investor risks, Bloomberg has reported.
Ravi Menon, head of MAS, has said the regulator plans to consult on the proposed measures in September-November.
The updated rules could reportedly include stricter access to cryptocurrencies for retail investors.
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Menon has said:
"Singapore will broaden cryptocurrency regulations to cover more activities. So, players who are doing some of these activities but are currently not caught may well be caught."
The cryptocurrency sector was hugely affected during last May by the collapse of the Terra ecosystem, whose main participants, TerraForm Labs and Luna Foundation Guard, declared Singapore as the primary jurisdiction.