Sun Xueling Warns Singaporeans Against Crypto

Sun Xueling, Singapore’s Minister of Home Affairs, recently cautioned citizens during a budget hearing to stay away from cryptocurrencies due to rising scams.

Historically recognized as a crypto-friendly hub, Singapore is witnessing changes in this perception following several high-profile scams. Sun framed her warnings around protecting citizens, noting that crypto scams represented a staggering one-quarter of total fraud losses in the past year.

Calls for Stricter Measures

While Sun’s remarks stressed caution, other officials expressed harsher opinions. MP Tan Wu Meng suggested that harsher penalties, including caning for crypto fraudsters, were necessary to deter such crimes. This proposal raises questions about the nation’s commitment to a crypto-friendly stance.

Rising Crypto Scams

Despite prior openness to cryptocurrency businesses, Singapore has begun implementing restrictions, including investigating firms for financial misdeeds and banning platforms classified as gambling. Sun emphasized the increasing sophistication of crypto scams, noting that 80% of losses were due to victims willingly parting with their money.

While the country is currently reassessing its approach to crypto, no definitive policy changes have been established yet. Sun encourages citizens to utilize government anti-fraud resources but refrained from endorsing specific legislative actions. However, rumors about potential punitive measures are circulating, indicating that Singapore may shift its crypto policies in response to ongoing fraud concerns.