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Singapore authority issues crypto warning after PM falls prey to scammers

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Officers in Singapore have issued a discover to would-be Bitcoin (BTC) and cryptocurrency traders, warning them of the hazards of participating with such a risky market.

Notably, the warning comes simply 48 hours after Prime Minister of Singapore Lee Hsien Loong had his likeness appropriated by a person on the BitClout social token platform, who used the PM’s title to promote tokens price a close to mixed $10,000.

On Tuesday, the chairman of the Financial Authority of Singapore, Tharman Shanmugaratnam, warned of the inherent dangers concerned in speculating within the cryptocurrency house, asserting that their worth was not tied to any underlying fundamentals. Shanmugaratnam stated retail traders ought to keep away.

“Cryptocurrencies can be highly volatile, as their value is typically not related to any economic fundamentals. They are hence highly risky as investment products, and certainly not suitable for retail investors,” stated Shanmugaratnam, as reported by BNN Bloomberg.

A few days earlier, Singaporean Prime Minister Loong warned residents to stay vigilant when it comes to cryptocurrency investing after tokens had been minted bearing his title, likeness and social media profile.

Bitcoin’s 1,000% progress previously yr has drawn out quite a few authorities warnings similar to these issued by Loong and Shanmugaratnam. Bitcoin and cryptocurrencies extra broadly are forcing regulators to take discover as their swelling market caps elevate them out of “fringe asset” standing and legitimize them within the eyes of traders.

Shanmugaratnam stated the MAS would proceed to monitor cryptocurrency developments carefully and can try to sustain the regulatory tempo as technological progress continues.

“The crypto assets space is constantly evolving. MAS has been closely monitoring developments and will continue to adapt its rules as needed to ensure that regulation remains effective and commensurate with the risks posed,” stated Shanmugaratnam. “Investors, on their part, should exercise extreme caution when trading cryptocurrencies,” he added.

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