SINGAPORE: Consumers To Pass Test Before Being Allowed To Buy Cryptocurrencies Under MAS’ Proposed Rules

Posted by Asia Views | Oct 27, 2022 | 0 |

Today-Oct 26

Consumers will have to take a test before they are allowed to trade cryptocurrencies and they will not be able to use credit cards or payment applications linked to credit cards to buy cryptocurrencies, under a set of proposed new rules put forth by the Monetary Authority of Singapore (MAS) on Wednesday (Oct 26). MAS is consulting the public on these and other recommended rules related to cryptocurrency trading, which are proposed to come under the Payment Services Act. The proposed rules are set out in two consultation papers, one focusing on consumer protection and another on how to support the development of stablecoins as a credible medium of exchange in the digital asset ecosystem. Cryptocurrencies, also known as digital payment tokens, are an encrypted data string that denotes a unit of currency. Examples include Ethereum, Bitcoin and Solana. Stablecoins are cryptocurrencies that try to peg their market value to some external reference, such as a fiat currency like the US dollar, and are thus seen to be less volatile as a medium of exchange. Examples include Tether, Binance and Paxos. MAS’ managing director Ravi Menon had said earlier this year that the authority was considering implementing measures to reduce the consumer harm caused by volatile crypto investments. However, Mr Menon said at the time that an outright ban would be unlikely to work. On the contrary, MAS said that Singapore consumers can easily access cryptocurrency trading platforms overseas through their mobile devices and these platforms may be unlicensed. MAS said that while cryptocurrencies offer “transformative economic potential”, they are “heavily speculated upon, with prices that are not associated with any underlying economic value”. “Cryptocurrencies can be highly volatile as their prices are typically not related to any economic fundamentals and are hence highly risky and not suitable for consumers,” it said in its consultation paper. Read more at: https://www.todayonline.com/singapore/mas-proposed-rules-cryptocurrencies-stablecoins-2028961

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EXTRICATING NDONESIAN CHILDREN FROM ISIS INFLUENCE ABROAD

Indonesia urgently needs to revisit the possibility of repatriating the neediest of its young citizens stranded abroad, whose families had earlier joined ISIS. Most of these children are in camps in northern Syria but there are also small numbers in the Philippines, Afghanistan and Iraq. “Extricating Indonesian Children from ISIS Influence Abroad”, the latest report from the Institute for Policy Analysis of Conflict (IPAC) argues that the government could begin by bringing back small groups of unaccompanied children under ten years of age, who pose minimal security risk and are most vulnerable to deteriorating conditions in the camps.“The problem is that health and security conditions are worsening by the day in the Syrian camps, and the children are growing older,” says Dyah Kartika, IPAC analyst. “They need access to schools, a nurturing environment, and medical attention. If the government waits too long, the children will be further exposed to ISIS ideology.” The new report examines a 2019 list of Indonesians in camps and prisons run by the Kurdish Syrian Democratic Forces (SDF). The Indonesian government has been trying to verify their citizenship, but with pseudonyms, misspellings and bad transliterations, it is a daunting task. At the time the data was collected, between March and June 2019, there were 555 Indonesians in SDF camps and prisons, including 367 children. Among the children, approximately 277 were under the age of ten and 34 were unaccompanied. In June 2021, there are fewer than ten children who are both unaccompanied and under the age of ten that could be prioritized for return. Bringing back children of ISIS families is no easy task. The report analyses the main challenges faced by the Indonesian government. These include definitional issues, bureaucratic competition, the difficulty of verifying nationality, evaluating the toll of exposure to conflict, assessing security risk, and finding relatives or others willing to provide care once the children are returned. In addition, COVID has meant stringent restrictions on travel, placing further obstacles in the way of repatriation. There are several models for rehabilitation of children exposed to violent extremism in Indonesia that could be modified to accommodate the needs of children repatriated from abroad. The report examines these models and argues that the government does not need to have every detail of rehabilitation programs in place before it starts extricating children from ISIS influence. It can start by bringing back the most vulnerable children and then modify programs as needed.

“It’s important that the government see these children as victims” says Dyah. “They deserve a chance to be children again.”

SINGAPORE: Consumers To Pass Test Before Being Allowed To Buy Cryptocurrencies Under MAS’ Proposed Rules

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