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Singapore’s Central Bank Warns Crypto 'Certainly Not Suitable for Retail Investors'
The statement came days after Prime Minister Lee Hsien Loong was caught up in a token scam on blockchain social media platform BitClout.
Updated Sep 14, 2021, 12:36 p.m. Published Apr 6, 2021, 11:41 a.m.
Tharman Shanmugaratnam, chairman of the Monetary Authority of Singapore (MAS), said Monday that cryptocurrency is “certainly not suitable for retail investors."
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- In response to a parliamentary question, Shanmugaratnam added that the crypto market in Singapore remains small when compared to shares and bonds. The combined peak daily trading volume of bitcoin , ether and XRP (XRP) in 2020 was only 2% of the daily trading volume of securities on Singapore Exchange (SGX).
- The statement came days after Prime Minister Lee Hsien Loong was caught up in a token scam on blockchain social media platform BitClout.
- A profile appeared to have been set up using the Prime Minister’s name and photo without his knowledge or permission.
- According to a screenshot shared by Loong on Facebook last week, there were 27.3955 tokens created for the account priced at $357.85 each.
- One user had purchased $4.77 worth.
- Loong urged Singaporeans to “remain vigilant when dealing with cryptocurrency platforms,” warning they “won’t be protected by the laws administered by MAS” when dealing with unregulated firms.
See also: BitClout’s Alleged Leader Hit With Cease-and-Desist by Prominent Crypto Law Firm
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