Singapore’s Deputy Prime Minister Advises Retail Investors to Steer Clear of Cryptocurrencies

Singapore’s lawman premier curate has advised retail investors to steer wide of cryptocurrencies, citing that they are “highly risky.” He stressed, “We cannot explicit this enough.”

Singapore’s Deputy Prime Minister Warns About Crypto

Singapore’s Deputy Prime Minister Heng Swee Keat reportedly warned retail investors against investing successful cryptocurrency Tuesday portion speaking astatine the Asia Tech x Singapore (ATxSG) summit. He said:

Retail investors, especially, should steer wide of cryptocurrencies. We cannot explicit this enough.

He brought up the illness of cryptocurrency terra (LUNA) and algorithmic stablecoin terrausd (UST) to enactment his argument. Many investors lost a batch of money erstwhile the 2 cryptocurrencies crashed.

While cautioning that cryptocurrency is “highly risky,” the lawman premier curate stated that integer dollars could alteration finance.

Keat besides stressed the value of crypto regulation, stating:

We indispensable proceed to accommodate our rules to guarantee that regularisation remains facilitative of innovation, and yet addresses the cardinal risks that crypto assets pose.

Singapore has adopted strict rules connected crypto, with the country’s cardinal bank, the Monetary Authority of Singapore (MAS), arsenic the main regulator of the crypto sector. Many radical person applied for a licence with the MAS to run a crypto exchange. However, astir 100 companies have already failed to conscionable regulator requirements.

Over the past 2 years, the MAS lone granted licenses and in-principle approvals to 11 integer outgo token work providers. “We volition proceed to measure applications, and facilitate unrecorded experiments done regulatory sandboxes, to alteration harmless adoption successful the fiscal sector,” the lawman premier curate detailed.

The cardinal slope said successful April that its licensing process for integer plus work providers needs to beryllium stringent. “It needs to beryllium due to the fact that we privation to beryllium a liable planetary crypto hub with innovative players, but besides with beardown hazard absorption capabilities,” the MAS explained.

In January, cryptocurrency ATMs closed down successful the state pursuing the MAS announcement. The cardinal slope besides restricted crypto ads earlier this year, stressing that crypto trading is not suitable for the wide public.

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