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.

AccessTimeIconApr 6, 2021 at 11:41 a.m. UTC
Updated Sep 14, 2021 at 12:36 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Tharman Shanmugaratnam, chairman of the Monetary Authority of Singapore (MAS), said Monday that cryptocurrency is “certainly not suitable for retail investors."

  • 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 (BTC), ether (ETH) 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.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.