Singapore Police Received 631 Cryptocurrency Scam Reports in 2021, Government Says

The authorities of Singapore has revealed the fig of crypto scams reported to the constabulary successful the past 3 years. “The immense bulk of cryptocurrency scams are perpetrated by scammers based extracurricular Singapore. As such, determination is simply a bounds to however overmuch instrumentality enforcement agencies successful Singapore tin do,” said Singapore’s curate for location affairs.

Singapore Government’s Data connected Cryptocurrency Scams

The Singaporean authorities has revealed the fig of reports related to cryptocurrency scams the constabulary received successful the past 3 years.

In a written reply to a parliamentary question astir crypto scams successful Singapore, published past week, Minister for Home Affairs and Minister for Law K. Shanmugam wrote:

In 2019, the constabulary received 125 reports related to cryptocurrency scams. This accrued to 397 successful 2020, and 631 successful 2021.

“The immense bulk of cryptocurrency scams are perpetrated by scammers based extracurricular Singapore. As such, determination is simply a bounds to however overmuch instrumentality enforcement agencies successful Singapore tin do,” Minister Shanmugam added, elaborating:

Our quality to lick these cases volition beryllium connected the level of practice from overseas instrumentality enforcement agencies, arsenic good arsenic their quality to way down these scammers. Nonetheless, we person stepped up our probe efforts.

The Singapore Police Force established a cryptocurrency taskforce successful 2018 “to show the cryptocurrency landscape, make and amended operational procedures successful investigations and seizure of cryptocurrencies, and found moving relationships with overseas instrumentality enforcement agencies, manufacture professionals, and world experts,” the curate noted.

The taskforce works intimately with the Monetary Authority of Singapore (MAS), the country’s cardinal bank, which regulates entities that woody successful oregon facilitate the speech of cryptocurrencies.

In conclusion, Minister Shanmugam stressed:

The champion defense, however, is simply a discerning public. To that end, we person stepped up nationalist acquisition efforts to amended the nationalist connected cryptocurrency-related scams.

What bash you deliberation astir the comments by Minister Shanmugam? Let america cognize successful the comments conception below.

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