MAS CFO Sopnendu Mohanty reminds the crypto traders to be careful about how they lure customers ⬇️
Sopnendu Mohanty, chief fintech officer at the Monetary Authority of Singapore reminded the traders to be careful about how they lure customers. “Reduce your enthusiasm and be mindful of who you are selling to,” Mohanty said on Friday at an office opening ceremony of Cobo, a digital asset custody provider. “Singapore is not a place to speculate. We will be very, very hard on this behaviour.”
“Look at what the advertisements say. None of them talk about risk,” he said, singling out a booth near the stage that he felt had an overly bold slogan. “Consumer awareness is a big challenge for us now. We’ve got to repeatedly let the market know this asset class is not suitable for retail investors.”
“We got caught up in this narrative of cryptocurrency without getting into the purpose part of the cryptocurrency,” Mohanty said in separate remarks at the Milken Asia conference on Thursday. “If I have a cryptocurrency, what am I going to do with that? Apart from speculation. We’ve got to start thinking from that side. The currency ran ahead of the purpose it’s supposed to serve.
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