Singapore struggles to curb cryptocurrency enthusiasm

The Monetary Authority of Singapore (MAS) said on Monday it is taking measures to reduce the harms caused by cryptocurrency, including conducting "customer suitability tests" as part of its ongoing slow-motion crackdown on the alternative tender. Speaking at a fintech and digital economy event, MAS managing director Ravi Menon …

[vtcodger]

"Banning retail access to cryptocurrencies is not likely to work," said Menon.

Probably true. But I'd wager that a 1% or 2% transaction tax on cryptocurrency transfers to and from Singapore with a short jail sentence(per transaction) for failure to pay would pretty much eliminate risks of significant economic damage from a crypto crash. If people want to play with this stuff, let them. But you don't want a major chunk of your economy to go to hell if crypto vanishes into a bottomless hole some fine morning.

[Anonymous Coward]

Sounds to me like they are doing the heavy lifting for the scammers

Unintended consequences ? What are they ?

[Oglethorpe]

"The bank authority was less down about stablecoins"

Stablecoins are probably the best way to roll hideous drawbacks usually confined to unfixed cryptocurrency together with hideous drawbacks usually confined to fiat. They're a neat idea that makes sense until even a single step is taken towards implementation.

[Anonymous Coward]

Face it

Something is better than nothing (which is what the US and UK have done so far).

Could they do more? Absolutely. Will they do more? Who knows? Are Singaporeans more protected than they used to be? Yes.