The Minister of State in Singapore for Home Affairs, Sun Shwling, urged residents not to invest in encrypted currencies with an increase in the number of associated fraud operations.
I spoke in Parliament on the fourth of March. male The organization of the cryptocurrency is complex due to its unknown features and beneficial to criminals.
“Our advice to the public is to stay away from encrypted currencies. Sun Xueling said:” The risk of heartburn is high, and if you become a victim of fraud, the chances of recovering any of your money are slim. “
Singaporeon suffered 1.1 billion Yuan’s losses of fraud last year, or more than 70 % of the same period last year. These fraud included those that involve an encrypted currency and contributed to a quarter of the inconsistent losses. With the increase in the use of cryptocurrencies, criminals are now used to force the victims to withdraw their money into digital funds so that they cannot be tracked. The Internet gathering and cabinets also led to the loss of money from the digital portfolios for users.
Although the monetary authority in Singapore is organizing local encryption operations under the payment services law, most of the stock exchanges and portfolios are outside their jurisdiction. Sun noted that even professional investors have fallen into the tricks of these fraudsters.
He calls for more strict fraud penalties
The question has also been discussed about whether fraud penalties should be more severe. Jurong Grc, Deputy Dr. Tan Yu Ming, saw that Singapore has very lenient laws at the present time. While funds that deal with $ 10,000 of illegal money face strikes, fraudsters who steal much more amounts can become Scottish -free.
He even called for mandatory strikes in cases where the crime of fraud is severe. His remarks show increasingly concern that the organizers have crossed in recent years about the high number of encryption fraud.
Sun stated that at the present time, the government is studying legislative measures against fraud and increasing some crimes that can attract strikes. I mentioned that more than 80 % of the fraud victims have turned money into fraud fraud through impersonating the personality or the pretext of power or fake promises of financial gains.
To reduce this threat, the Singapore government recently approved the draft anti -fraud protection law. However, the law allows the authorities to prevent the assets of these victims in the event that threats are not authorized. This year is expected to be implemented.
However, so far, there has been no amendment to politics regarding some of these concerns. But it should be noted that, according to local media reports, new regulations may be presented soon. However, despite the fraud cases, the use of cryptocurrency rises in Singapore. The central bank in Singapore doubled the number of licenses on the market in 2024 to improve stability.
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