In a statement to the Singapore Parliament, the Monetary Authority of Singapore said cryptocurrencies are not suitable for retail investors to invest in. Most cryptocurrencies are subject to speculative price swings. This risk has been vividly demonstrated in recent events, with the prices of several cryptocurrencies falling sharply.
In January, the MAS went further than most other regulators, including restricting the marketing and advertising of cryptocurrency services in the public domain and banning downplaying the risks of cryptocurrency trading.
The Monetary Authority of Singapore has been seriously considering introducing more consumer protections, which could include restrictions on retail investor participation and rules on the use of leverage when trading cryptocurrencies.
There is also a need for regulatory coordination and cooperation on a global scale. The MAS reiterated that cryptocurrencies are high risk and not suitable for the retail public market.