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Together, we can enable innovation in finance, while protecting consumers and maintaining financial stability. The crypto ecosystem and the technology that underpins it could bring great benefits to the world. Blockchain technology essentially removes the need for centralized processes and intermediaries. It cuts out the middleman. It can make transactions more efficient and transparent, too, by recording key information in an unchangeable format, making it accessible to all market participants.
This has the potential to make payments cheaper, faster and safer. It could also unlock the billions of euros and dollars currently used to cover credit or settlement risk in the financial system. Still, we should not underestimate the significant risks that crypto poses.
We need not look too far into the past to see the harm that financial innovation can cause without the right regulation and supervision in place. With unregulated crypto, consumers run the risk of buying into unsuitable products, relying on incomplete information. Investors risk losing money because of fraud, deception or simply the volatility that has characterized crypto markets since their inception. We also need to ensure market integrity and make sure rules against market abuse such as insider trading are enforced.
Recent discussions have highlighted the potential for crypto to circumvent sanctions, and the same applies for money laundering or the financing of terrorism. The EU is clear that our sanctions on Russia for its aggression in Ukraine cover crypto , but enforcement is key, and authorities need to remain vigilant.
Nor can we ignore the high energy consumption and environmental impact of crypto. That is why the EU already funds initiatives to make blockchain more sustainable. Crypto presents risks for financial stability as well. These risks are not yet systemic but, as the Financial Stability Board warned recently, they do require careful monitoring and regulation.
In January this year, MAS went further than most other regulators, to restrict the marketing and advertising of cryptocurrency services in public areas, and disallow cryptocurrency trading being portrayed in a manner that trivialises its risks. All entities dealing in cryptocurrencies termed digital payment token or DPT service providers in Singapore are expected to comply with the MAS guidelines.
Since then, DPT service providers have taken actions to meet these rules, such as removing cryptocurrency ATMs from public areas and taking down advertisements from public transport venues. But the PS Act also empowers MAS to impose additional measures on DPT service providers to ensure better consumer protection, and to maintain financial stability and safeguard the efficacy of monetary policy.
MAS has been carefully considering the introduction of additional consumer protection safeguards. These may include placing limits on retail participation, and rules on the use of leverage when transacting in cryptocurrencies.
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