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Singapore's Deputy Prime Minister Advises Retail Investors to Steer Clear of
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Jun 23, 2022
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Regulation

by Kevin Helms

Jun 1, 2022
 * 
 * 1




SINGAPORE'S DEPUTY PRIME MINISTER ADVISES RETAIL INVESTORS TO STEER CLEAR OF
CRYPTOCURRENCIES




Singapore’s deputy prime minister has advised retail investors to steer clear of
cryptocurrencies, citing that they are “highly risky.” He stressed, “We cannot
express this enough.”


SINGAPORE’S DEPUTY PRIME MINISTER WARNS ABOUT CRYPTO

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

> Retail investors, especially, should steer clear of cryptocurrencies. We
> cannot express this enough.

He brought up the collapse of cryptocurrency terra (LUNA) and algorithmic
stablecoin terrausd (UST) to support his argument. Many investors lost a lot of
money when the two cryptocurrencies crashed.

While cautioning that cryptocurrency is “highly risky,” the deputy prime
minister stated that digital dollars could transform finance.

Keat also stressed the importance of crypto regulation, stating:

> We must continue to adapt our rules to ensure that regulation remains
> facilitative of innovation, and yet addresses the key risks that crypto assets
> pose.

Singapore has adopted strict rules on crypto, with the country’s central bank,
the Monetary Authority of Singapore (MAS), as the main regulator of the crypto
sector. Many people have applied for a license with the MAS to operate a crypto
exchange. However, about 100 companies have already failed to meet regulator
requirements.

Over the past two years, the MAS only granted licenses and in-principle
approvals to 11 digital payment token service providers. “We will continue to
evaluate applications, and facilitate live experiments through regulatory
sandboxes, to enable safe adoption in the financial sector,” the deputy prime
minister detailed.



The central bank said in April that its licensing process for digital asset
service providers needs to be stringent. “It needs to be because we want to be a
responsible global crypto hub with innovative players, but also with strong risk
management capabilities,” the MAS explained.

In January, cryptocurrency ATMs closed down in the country following the MAS
announcement. The central bank also restricted crypto ads earlier this year,
stressing that crypto trading is not suitable for the general public.

TAGS IN THIS STORY

MAS, Singapore, Singapore bitcoin, Singapore Central Bank, singapore crypto,
singapore cryptocurrency

What do you think about the comments by Singapore’s deputy prime minister? Let
us know in the comments section below.

KEVIN HELMS

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an
evangelist ever since. His interests lie in Bitcoin security, open-source
systems, network effects and the intersection between economics and
cryptography.





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