Singapore Trade Minister’s Warning on Cryptocurrencies

Singapore Trade Minister Alvin Tan advised the public to “stay clear” of cryptocurrencies, citing the absence of protections if losses occur. His comments came in light of tightened regulations on exchanges, barring credit card purchases of digital assets.

Tan’s statement follows Prime Minister Lawrence Wong’s warning about deepfakes being used in crypto scams, urging victims to report these scams to the police.

> Prime Minister Wong highlighted the misuse of his images to promote suspicious services related to cryptocurrency and money-making schemes.

In a parliamentary session, Tan emphasized that cryptocurrencies are “highly volatile and speculative” and not based on solid value. He informed that the Monetary Authority of Singapore (MAS) consistently warns against the risks associated with crypto trading.

Tan explained the risks of using credit for crypto purchases, indicating potential financial losses and compounded debt risks due to high-interest rates.

Recently, a Singaporean MP suggested stricter penalties for crypto criminals, asserting that digital assets comprise 25% of fraud-related losses, calling for punishments like caning.

Edited by Stacy Elliott.