But, MAS does not intend to bring in any rules to deal with the safety or sound functioning of virtual currencies.
"Consumers and businesses should take note of the broader risks that dealing in virtual currencies entails and should exercise the necessary caution," said MAS deputy managing director Ong Chong Tee.
Singapore currently has at least two bitcoin exchanges and around half a dozen bitcoin "ATMs", although usage of virtual currencies is thought to be relatively low.
The industry in the city-state has attracted a lot of attention recently though, with the first bitcoin vending machine, designed by local startup Tembusu Terminals, starting business on February 27, just three days after Mt. Gox suspended all trading of the virtual currency.
(Read more: This is what the future holds for bitcoin: Goldman)
A week later, the apparent suicide of 28 year-old Autumn Radtke, the CEO of bitcoin-related Singapore-based First Meta, made headlines around the world, sparking speculation about bitcoin's role in the American's death.