Singapore authority issues crypto warning Following PM falls prey to scammers

The Monetary Authority of Singapore has issued a warning to crypto investors after the nation’s prime minister has been unwittingly caught up in a bogus scam scam.
Officials at Singapore have issued a notice to prospective Bitcoin (BTC) and also cryptocurrency investors, warning them of the hazards of engaging with such a volatile market. Notably, the warning comes only 48 hours following Prime Minister of Singapore Lee Hsien Loong had his likeness appropriated by means of a consumer on the BitClout social market system, who used the PM’s name to market tokens value a close combined $10,000. Shanmugaratnam said retail investors need to stay far. “Cryptocurrencies can be highly volatile, because their value is generally not associated with some financial principles. They are therefore highly risky as investment products, and not appropriate for retail investors,” explained Shanmugaratnam, as mentioned by BNN Bloomberg.A few days before, Singaporean Prime Minister Lee Hsien Loong warned citizens to stay vigilant in regards to cryptocurrency investing later exemptions were minted bearing their name, likeness and social networking profile. Bitcoin’s 1,000% growth in the past year has attracted out numerous authorities warnings like those issued by Hsien and Shanmugaratnam. Bitcoin, and cryptocurrencies more broadly, are forcing authorities to take notice since their swelling market limits raise them out of”fringe asset” status and legitimize them from the eyes of investors.Shanmugaratnam reported the MAS would still continue to monitor cryptocurrency developments closely and will attempt to keep up regulatory rate as technological progress continues. “The crypto assets area is continually evolving. MAS has been closely monitoring progress and will continue to accommodate its principles as required to make certain that regulation remains effective and commensurate with the dangers posed,” explained Shanmugaratnam. “Investors, on their role, need to exercise extreme caution when trading cryptocurrencies,” he further added.

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