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CUSTOMER COMES FIRST MAS IS MULLING ADDITIONAL CONSUMER SAFETY IN CRYPTO

CUSTOMER COMES FIRST MAS IS MULLING ADDITIONAL CONSUMER SAFETY IN CRYPTO 

The Monetary Authority of Singapore (MAS) includes additional protections to protect consumers in crypto, Tharman Shanmugaratnam, the chief executive of the central bank, told Parliament.


Quick facts

MAS is considering introducing measurement rules and restrictions on the participation of retailers in crypto, Shannugaratnam told Parliament on Monday.


"Recent events have clearly shown the risk, and the prices of several cryptocurrencies have dropped dramatically," he said.


MAS currently regulates Digital Payment Token (DPT) service providers under the Payment Services Act (PS Act), primarily due to risks associated with money laundering and terrorist financing.


"But the PS Act also empowers MAS to put additional measures in place for DPT service providers to ensure better consumer protection, and to maintain financial stability and safeguard the effectiveness of monetary policy," the minister said.

Source: yahoo



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