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Friday, Jul 23, 2021

Singapore Warns Public Against Crypto as World Warms to Bitcoin

Singapore Warns Public Against Crypto as World Warms to Bitcoin

Singapore once again warned the public about the risks of trading cryptocurrencies like Bitcoin, a market that while relatively small in the city-state has surged in significance over the past year.
“Cryptocurrencies can be highly volatile, as their value is typically not related to any economic fundamentals,” Tharman Shanmugaratnam, the chairman of the Monetary Authority of Singapore, said in response to a parliamentary question on Monday. “They are hence highly risky as investment products, and certainly not suitable for retail investors.”

He said that cryptocurrency funds are not authorized for sale to retail investors. The MAS also has powers to impose additional measures on digital token service providers, under which exchanges offering the trading of cryptocurrencies are regulated, as needed, according to Tharman, who is also senior minister and coordinating minister for social policies.
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