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Singapore Officials Quizzed About Crypto Scams Urge Caution

  • Authorites recommend acting ‘responsibly’ in digital arena
  • Public advised to deal only with MAS-regulated entities
Updated on

Singapore officials warned people chasing digital investment opportunities like non-fungible tokens and metaverse assets to exercise caution and participate “responsibly” -- a recommendation that mirrors the city-state’s own balancing act as it promises to embrace crypto, but in a measured way.

Singapore’s government is “closely studying” the characteristics and risks of technologies like blockchain, decentralized finance, NFTs and the metaverse, Minister for Communications and Information Josephine Teo wrote in a reply to a question from parliament member Yip Hon Weng.