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In the face of the swarming cryptocurrency "immigrants", Singapore has gone against the current with a "financial openness" attitude. Expressed an extremely friendly and open attitude, attracted many cryptocurrency companies through policies such as a friendly regulatory environment and lower taxes, and at the same time, through licenses and temporary exemptions to some large companies, these encryption institutions that came to develop can Provide services and operations locally, and in doing so create a large number of jobs and profits for the country.

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Recently, Ravi Menon, the head of the Singapore Monetary Authority, said that new measures are being considered to strengthen the protection of cryptocurrency retail investors. The measures will make it harder for retail investors to trade cryptocurrencies at a time when they appear to be "irrationally blind" to their risks.

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Some recent applicants and holders of digital payment licenses in Singapore may have received a questionnaire from the Monetary Authority of Singapore (MAS), hoping to obtain detailed information about their business activities and holdings, so as to measure The company's financial soundness and the correlation between them, the main data required include the mainstream tokens it owns, the mainstream lending counterparty, the number of loans and loans through the DeFi protocol, and the pledged mainstream tokens.

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The move, which comes ahead of Singapore’s expected crypto regulatory overhaul, formalizes a stance reiterated by Menon that cryptocurrencies’ volatility makes them unsuitable for use as money and is “highly dangerous” for retail investors. It is these "highly dangerous" elements that prompt them to re-emphasize these issues and take action.

In the first half of 2022, Singapore has begun to formulate rules to tighten cryptocurrency investment. At that time, virtual asset providers were required to obtain local licenses even if they only conduct business overseas. But while exposing risky properties, tokenization and distributed ledgers that record ownership and transfer of ownership of digital assets do offer economic potential, Menon said. "We will seek to resolve these tensions in early September and the scope of regulation will expand to cover more activities," Menon said.