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Singapore’s Deputy Prime Minister Advises Retail Investors to Steer Clear of Cryptocurrencies

Singapore’s deputy prime minister has advised retail investors to steer clear of cryptocurrencies, citing that they are “highly risky.” He stressed, “We cannot express this enough.”

Singapore’s Deputy Prime Minister Heng Swee Keat reportedly warned retail investors against investing in cryptocurrency Tuesday while speaking at the Asia Tech x Singapore (ATxSG) summit. He said:

Retail investors, especially, should steer clear of cryptocurrencies. We cannot express this enough.

While cautioning that cryptocurrency is “highly risky,” the deputy prime minister stated that digital dollars could transform finance.

Keat also stressed the importance of crypto regulation, stating:

We must continue to adapt our rules to ensure that regulation remains facilitative of innovation, and yet addresses the key risks that crypto assets pose.

Over the past two years, the MAS only granted licenses and in-principle approvals to 11 digital payment token service providers. “We will continue to evaluate applications, and facilitate live experiments through regulatory sandboxes, to enable safe adoption in the financial sector,” the deputy prime minister detailed.

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