'Retail investors, especially, should steer clear of cryptocurrencies. We cannot express this enough,' said the deputy prime minister. crypto cryptocurrency bitcoin $BTC
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 Heng Swee Keat reportedly warned retail investors against investing in cryptocurrency Tuesday while speaking at the Asia Tech x Singapore summit. He said:He brought up the collapse of cryptocurrency terra and algorithmic stablecoin terrausd to support his argument.
Singapore has adopted strict rules on crypto, with the country’s central bank, the Monetary Authority of Singapore , 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 companiesOver the past two years, the MAS only granted licenses and in-principle approvals to 11 digital payment token service providers.
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