Singapore Policy Receives 631 Crypto Scam Reports During 2021

Singapore Policy Receives 631 Crypto Scam Reports During 2021. Singapore government data on cryptocurrency fraud reveals the increasing number of reports related to cryptocurrency fraud received by the police in the last three years.

Minister of Home Affairs and Minister of Law K. Shanmugam revealed in 2019, the police received 125 reports related to cryptocurrency fraud. This increases to 397 in 2020, and 631 in 2021.

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“Most cryptocurrency scams are carried out by scammers based outside of Singapore. As such, there is a limit to how much law enforcement agencies in Singapore can do,” said Shanmugam, quoted from Bitcoin.com, Monday (31/10/2022).

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Shanmugam explained the ability to resolve the case would depend on the level of cooperation from law enforcement agencies overseas, as well as their ability to track down these fraudsters. Nonetheless, Singapore will continue to step up its investigative efforts.

The Singapore Police set up a cryptocurrency task force in 2018 to monitor the cryptocurrency landscape.

This is done to develop and improve operational procedures in the investigation and seizure of cryptocurrencies, and to establish working relationships with overseas law enforcement agencies, industry professionals, and academic experts.

The task force works closely with the Monetary Authority of Singapore (MAS), the country’s central bank, which regulates entities that handle or facilitate cryptocurrency exchanges.

“The best defense, however, is a smart public. To that end, we have stepped up public education efforts to educate the public about cryptocurrency-related fraud,” said Shanmugam.

Singapore Policy Receives 631 Crypto Scam Reports During 2021. Previously, the Monetary Authority of Singapore (MAS) had proposed a draft of more stringent regulations, aimed at restricting crypto trading for retail investors with the aim of reducing risk for consumers, while increasing the development of stablecoins.

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The proposed measures have been detailed in two consultation papers published by the authorities. The plan is to introduce the new rules as guidelines before finally incorporating them into the Payment Services Act.

“Trading in cryptocurrencies is extremely risky and not suitable for the general public,” the MAS statement reads, quoted from Bitcoin.com, Friday (10/28/2022).

In an announcement on Wednesday, the monetary authority explained the proposal covers three key areas of consumer access, business conduct and technology risk. It intends to limit speculative trading risks by introducing certain obligations for crypto service providers.

These companies must ensure their customers make the right decisions by providing risk disclosure, including about price fluctuations and cyber threats. The central bank advised they should not allow or offer retail investors the option to pay by credit.

Cryptocurrency platforms will also be required to keep customer assets separate from their own funds and may be prevented from lending investors assets to third parties. However, despite these actions, users will ultimately remain responsible for their decisions and actions.

Praising the potential of well-regulated and securely backed stablecoins to facilitate transactions in the digital asset space, MAS indicated they plan to expand the regulatory framework for them to ensure their stability.

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It will focus on issuing stablecoins that are pegged to a single currency and with circulation exceeding S$5 million.

Singapore Policy Receives 631 Crypto Scam Reports During 2021. Under the proposed rules, issuers will be required to hold asset reserves equivalent to at least 100 percent of the face value of the coins, which can only be pegged to Singapore dollars or Group of Ten (G10) currencies.

They must issue white papers, meet authorized capital requirements and maintain liquid assets. Domestic banks will be allowed to issue stablecoins.

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