Singapore Monetary Authority May Limit Retail Participation In Cryptocurrencies, Bitcoin Rises

The Monetary Authority of Singapore (MAS) is considering introducing additional safeguards on access to cryptocurrencies to the general public, a senior government minister said, Coindesk reported. The central bank can “place limits on retail participation” and implement regulations on the use of leverage in cryptocurrency transactions, according to Tharman Shanmugaratnam, the minister in charge of the MAS.

Since 2017, MAS has consistently warned that cryptocurrencies are not suitable investments for the retail audience. “Most cryptocurrencies are subject to strong speculative price swings. Recent events have clearly demonstrated the risks, with the prices of several cryptocurrencies falling dramatically,” Shanmugaratnam said.

Elsewhere, a world’s first cryptographic water token was introduced by H2O Water Securities, a South African company, reportedly cnbctv18.com.

According to the company, more than 2 billion people around the world, nearly 30% of the world’s population, live in conditions of water scarcity and by 2030 that percentage is expected to rise to 50%.

H2ON (Water Network), a cryptocurrency token, is a way to raise money to finance international water projects, he said. GEM Digital, a Bahamas-based digital asset investment firm that invests in utility tokens, has already invested $ 150 million in H2ON, it was reported.

Prices of cryptocurrencies

Global cryptocurrency market cap increased 6.43% to $ 909.69 billion at 9:00 am. Global cryptocurrency volume increased 37.56% to $ 55.27 billion, according to data from Coinmarketcap. Bitcoin is holding new support slightly above $ 20,000 and other cryptocurrencies have been trading flat over the weekend.

Bitcoin (BTC), the world’s oldest cryptocurrency, has been trading at $ 20,206.00 up 5.81% in the past 24 hours. Ethereum (ETH) rose 8.92% to $ 1,145.90

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Among other significant coins, Cardano (ADA) was up 4.04% to $ 0.4645, Algorand (ALGO) was trading up 5.84% to $ 0.3192, Solana (SOL) was trading with a profit of 8.78% to $ 35.56, Polkadot (DOT) was up 4.40% to $ 6.99 and Binance Coin (BNB) was up 7.85% to $ 232.40.

Meme Coin and DeFi Prices

Dogecoin (DOGE) is up 4.04% to $ 0.06914. Its volume to market cap ratio is 00000000.14. Rival Shiba Inu (SHIB) is up 7.00% to $ 0.00001068.

Dogelon Mars (ELON) gained 5.25% to $ 0.0000003227, Floki Inu (FLOKI) gained 7.09% to $ 0.000006483, and Samoyed Coin (SAMO) 16.15% to 0.008497 $.

In the DeFi segment, Dai (DAI) was up 0.08% to $ 1.00 and Wrapped Bitcoin (WBTC) was trading with a gain of 6.03% to $ 20,234.62. Avalanche (AVAX) was up 8.60% to $ 17.82, Uniswap (UNI) was trading 12.03% gain to $ 5.32, and Chainlink (LINK) was up 5.44% at $ 6.38.

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