How to regulate the crypto world: market players offer myriad solutions but little concurrence

THE ongoing cryptocurrency rout, triggered in part by the collapse of popular stablecoin TerraUSD, has sent regulators around the world scrambling to strengthen investor protection.

Singapore authorities, who have consistently taken the view that cryptos are not suitable for retail investors, issued their strongest warning yet last week and signalled that further regulations are at hand.

“Retail investors especially should steer clear of cryptocurrencies. We cannot emphasise this enough,” Deputy Prime Minister Heng Swee Keat said at a tech summit last Tuesday (May 31), where he noted that some have lost their life savings to the recent Terra meltdown.