January 14, 2022
Singaporeans are warned by authorities to proceed with caution and participate ‘responsibly’ when buying digital assets like non-fungible tokens and metaverse, reports the South China Morning Post.
Minister for Communications and Information S Iswaran responded to parliament member Yip Hon Weng and said the Singapore government is studying closely about crypto, especially the characteristics and risks of technologies such as blockchain, decentralized finance, NFTs and the metaverse.
This comes out in the wake of rising crypto scams.
The newspaper reported that MP Shahira Abdullah said Singaporeans had lost more than S$100,000 (US$73,900) on one “gaming craze” called Neko Inu, without specifying whether that was an aggregate amount.
Home Affairs Minister K Shanmugam has advised the people who deal with cryptocurrencies to verify and proceed if the entities are regulated by the Monetary Authority of Singapore, may it be investment-related or any trending online games.