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Singapore Warns Citizens Against Crypto, Citing Scams
The post Singapore Warns Citizens Against Crypto, Citing Scams appeared on BitcoinEthereumNews.com. Sun Xueling, the Minister of Home Affairs in Singapore, warned citizens to avoid crypto in a recent budget hearing. The country has a reputation for industry friendliness, but sophisticated crypto scams are turning some politicians’ opinions. Sun mostly framed her arguments in terms of defending citizens, but other figures were far harsher. In a Monday speech, MP Tan Wu Meng advocated for caning crypto fraudsters. Nonetheless, it may be premature to say the nation is changing policy altogether. Could Singapore Crack Down on Crypto? Over the last few years, Singapore has gathered a reputation for being a particularly crypto-friendly jurisdiction. Last year, the city-state led Asia in crypto business licenses, and it was declared “the world’s most crypto-friendly country” this January. However, according to local reports, Singapore’s Interior Minister is now giving harsh warnings about crypto. “Our advice to the public is to stay away from cryptocurrencies. The risk of getting burned is high, and if you become a victim of a scam, the chances of getting any of your money back are slim,” claimed Sun Xueling, who is both the Minister of Home Affairs and Social and Family Development. Sun made these comments in a recent committee hearing on the Ministry of Home Affairs’ expenditure budget. She claimed that crypto scams made up one-quarter of total fraud losses in Singapore last year. The minister added that these sophisticated operations target novices and crypto users alike and that the country is determined to fight back. Other government officials took a much harsher stance. In a speech this Monday, MP Tan Wu Meng claimed that Singapore is too soft on crypto fraudsters. To deter future offenses, he claimed, these criminals should be subject to caning, depending on the severity of their offenses. How is this possible in a country that’s ostensibly…
The post Singapore Warns Citizens Against Crypto, Citing Scams appeared on BitcoinEthereumNews.com.
Sun Xueling, the Minister of Home Affairs in Singapore, warned citizens to avoid crypto in a recent budget hearing. The country has a reputation for industry friendliness, but sophisticated crypto scams are turning some politicians’ opinions. Sun mostly framed her arguments in terms of defending citizens, but other figures were far harsher. In a Monday speech, MP Tan Wu Meng advocated for caning crypto fraudsters. Nonetheless, it may be premature to say the nation is changing policy altogether. Could Singapore Crack Down on Crypto? Over the last few years, Singapore has gathered a reputation for being a particularly crypto-friendly jurisdiction. Last year, the city-state led Asia in crypto business licenses, and it was declared “the world’s most crypto-friendly country” this January. However, according to local reports, Singapore’s Interior Minister is now giving harsh warnings about crypto. “Our advice to the public is to stay away from cryptocurrencies. The risk of getting burned is high, and if you become a victim of a scam, the chances of getting any of your money back are slim,” claimed Sun Xueling, who is both the Minister of Home Affairs and Social and Family Development. Sun made these comments in a recent committee hearing on the Ministry of Home Affairs’ expenditure budget. She claimed that crypto scams made up one-quarter of total fraud losses in Singapore last year. The minister added that these sophisticated operations target novices and crypto users alike and that the country is determined to fight back. Other government officials took a much harsher stance. In a speech this Monday, MP Tan Wu Meng claimed that Singapore is too soft on crypto fraudsters. To deter future offenses, he claimed, these criminals should be subject to caning, depending on the severity of their offenses. How is this possible in a country that’s ostensibly…
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