Tanya Abrosimova
Independent Analyst
- Singapore wants to protect investors from cryptocurrency frauds.
- Cryptos are turning red as global regulators tighten the grip.
Singapore’s central bank has joint the ranks of regulators who consider tighter cryptocurrency regulation. According to the central bank's official, this industry needs more oversight to protect investors from possible fraud and scams.
Currently, Singapore, which is considered to be the Asian hub for finch and initial coin offering, 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.
“We are assessing if additional regulations are required in the area of investor protection,” Ong Chong Tee, deputy managing director of Monetary Authority of Singapore said, cited by Reuters.
Other Asian countries, namely China and South Korea are also trying to take the cryptocurrency boom under control. Chinese authorities have chosen to ban everything crypto, while Seul is still to decide what to do with this overheated market.
Earlier we reported that the US Securities and Exchange Commission launches massive new cryptocurrency probe to ensure that ICOs campy with the securities laws.
Cryptocurrency market reacted negatively to the news as most major coins are in red with NEO being the worst performer. This coin, known as "Chinese Ethereum," is very popular in Asia. It has lost nearly 6% since the start of the day.
Bitcoin, Litecoin, Ethereum, and Ripple are also sliding, though the bearish momentum is not that strong.
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