Topic: UN proposes to strengthen regulatory methods for cryptocurrencies (Read 148 times)

That is the fact Governments can't Control the Maximum Capital of the crypto market.

Still, their most effective Developments done by governments are the CBDCs by the way Using CBDCs they can Control the Regular users still crypto stand Decentralized.

@BitcoinMagazine
·Nov 21, 2021
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Next month, we will organise a dedicated Green Shoots seminar to share our strategies to develop Singapore as digital asset hub.

We will explain our position on cryptocurrencies, stablecoins, blockchains, tokenisation, smart contracts, digital assets, etc. – their risks and opportunities; shortcomings and potential.
We will set out how our developmental and regulatory approaches will work in harmony to achieve the vision of Singapore as an innovative and responsible digital asset hub.

MAS and relevant government agencies will take firm enforcement action if any entity is found to be conducting illegal activities or performing regulated activities without a license.

The crypto industry globally is still evolving and regulation is still catching up with industry trends.

Singapore is often seen as being at the forefront, with a clear licensing and regulatory framework.But the focus of crypto regulation to-date in Singapore, as well as in most major jurisdictions, has been on containing money laundering and terrorist financing risks.Most regulatory regimes today do not cover areas such as consumer protection, market conduct, and reserve backing for stablecoins.This is changing.  Reviews and public consultations are underway, among international standard-setting bodies and regulators, to strengthen regulation in these areas. MAS is targeting to consult on proposed measures in the next few months.
But the key lesson from the upheaval in the global crypto industry is clear: investing in cryptocurrencies is highly risky.

This is what MAS has been warning the public about for the past 5 years.
In fact, MAS’ repeated warnings against retail investments in cryptocurrencies and ratcheting up of policies to restrain retail access have raised some questions as to where MAS stands with respect to the digital asset ecosystem.

The most noticeable thing is if the Governments try to increase taxation and Applying some Strict rules then crypto is anonymous users try to move on and finding other solution as example if they try to Proceed with Centralized exchanges users will prefer the DEXs and if they try to control the Crypto to Fait conversation then P2P is proper solution in crypto.

I read that there are "security recommendations" from the UN, which propose to reduce interest in cryptocurrencies

The following policies,
among others, have the potential to curb the further spread of the risks of cryptocurrencies and stablecoins:
(a) Ensuring comprehensive financial regulation, through the following actions:
- Require the mandatory registration of crypto-exchanges and digital wallets and make the use of cryptocurrencies less
attractive, for example by charging entry fees for crypto-exchanges and digital wallets and/or imposing financial
transaction taxes on cryptocurrency trading;
- Ban regulated financial institutions from holding stablecoins and cryptocurrencies or offering related products to clients;
- Regulate decentralized finance (such finance may, in fact, not be fully decentralized, given its central management and
ownership, which form an entry point for regulation18);
(b) Restricting or prohibiting the advertisement of crypto-exchanges and digital wallets in public spaces and on social media.
This new type of virtual, and often disguised, advertisement requires policymakers to expand the scope of regulation
beyond traditional media. This is an urgent need in terms of consumer protection in countries with low levels of financial
literacy, as even limited exposure to cryptocurrencies may lead to significant losses;
(c) Creating a public payment system to serve as a public good, such as a central bank digital currency. In the light of the
regulatory and technological complexity of central bank digital currencies and the urgent need to provide safe, reliable and
affordable payment systems, authorities could also examine other possibilities, including fast retail payment systems.