Singapore’s central bank is assessing whether additional regulations are required to protect investors in cryptocurrencies, Reuters reports.
“We are assessing if additional regulations are required for investor protection,” Ong Chong Tee, deputy managing director (Financial Supervision), Monetary Authority of Singapore said.
Currently, Singapore, which is considered to be the Asian hub for fintech and ICO, does not regulate digital assets market, though the central bank watches for the activities that may pose certain risks, such as money-laundering or other illegal transactions.
The central bank does regulate activities involving virtual currencies if they pose specific risks.
The latest statement also follows the authority's warning in December of last year - at a time when Bitcoin's (EXANTE: Bitcoin) price reached an all-time-high of around $20,000 - that investors must be extremely cautious in dealing with cryptocurrencies, which are not regulated by the agency.