Monetary Authority of Singapore May Introduce Risk Test Before Permitting Cryptocurrency Trading - Cryptonews | Cryptonews
Source: AdobeStock / martinhosmat083 Singapore’s retail investors may have to take a risk awareness test to be allowed to trade crypto, in order to ensure that they have sufficient knowledge of the risks involved. Citing two consultation papers published on Wednesday, the CNA reported that the Monetary Authority of Singapore (MAS) proposed the requirement for aspiring crypto traders to go through a risk awareness assessment as a part of the rules to protect retail customers. The MAS stated that a number of industry players support some form of assessment and are interested in working together with the regulator to develop a common template so to “facilitate consistency and robustness across the industry.” Three main areas of crypto regulation The MAS was quoted as saying in a press release today that, Trading in cryptocurrencies is “highly risky and not suitable for the general public.” That said, the regulator conced...