Crypto Regulation Tightens in Singapore as Fraud Concerns Mount
by aria-crypto.com
March 5, 2025 at 20:50
Crypto Regulation Tightens in Singapore as Fraud Concerns Mount
Singapore's stance on cryptocurrency is becoming increasingly cautious due to a surge in fraud cases. Minister of State for Home Affairs, Sun Xueling, has recently highlighted the challenges in regulating cryptocurrencies, noting their use in fraudulent schemes that include phishing, hacking, and deceptive investment opportunities. During a budget debate, she revealed that crypto fraud represented a quarter of all fraud-related financial losses last year. There are calls for tougher penal measures, including caning, by MPs advocating for stern actions against major financial crimes. The Singapore government is also introducing the Anti-Fraud Protection Bill, which grants the power to temporarily halt transactions suspected of being linked to fraud. This legislation aims to reduce the high levels of scams involving cryptocurrencies. As crypto use expands, with major platforms and retailers adopting digital payments, the Monetary Authority of Singapore has doubled the crypto licenses, indicating a move towards a more regulated and secure cryptocurrency environment in the region.
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