{"id":4620,"date":"2022-06-02T02:44:18","date_gmt":"2022-06-02T02:44:18","guid":{"rendered":"http:\/\/cryptoheretostay.com\/?p=4620"},"modified":"2022-06-02T02:44:19","modified_gmt":"2022-06-02T02:44:19","slug":"singapores-deputy-prime-minister-advises-retail-investors-to-steer-clear-of-cryptocurrencies","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=4620","title":{"rendered":"Singapore&#8217;s Deputy Prime Minister Advises Retail Investors to Steer Clear of Cryptocurrencies"},"content":{"rendered":"<p> <script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<\/p>\n<p><strong>Singapore\u2019s deputy prime minister has advised retail investors to steer clear of cryptocurrencies, citing that they are \u201chighly risky.\u201d He stressed, \u201cWe cannot express this enough.\u201d<\/strong><\/p>\n<h2>Singapore\u2019s Deputy Prime Minister Warns About Crypto<\/h2>\n<p>Singapore\u2019s 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:<\/p>\n<p>Retail investors, especially, should steer clear of cryptocurrencies. We cannot express this enough.<\/p>\n<p>He brought up the collapse of cryptocurrency terra (LUNA) and algorithmic stablecoin terrausd (UST) to support his argument. Many investors lost a lot of money when the two cryptocurrencies crashed.<\/p>\n<p>While cautioning that cryptocurrency is \u201chighly risky,\u201d the deputy prime minister stated that digital dollars could transform finance.<\/p>\n<p>Keat also stressed the importance of crypto regulation, stating:<\/p>\n<p>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.<\/p>\n<p>Singapore has adopted strict rules on crypto, with the country\u2019s central bank, the Monetary Authority of Singapore (MAS), as the main regulator of the crypto sector. Many people have applied for a license with the MAS to operate a crypto exchange. However, about 100 companies have already failed to meet regulator requirements.<\/p>\n<p>Over the past two years, the MAS only granted licenses and in-principle approvals to 11 digital payment token service providers. \u201cWe will continue to evaluate applications, and facilitate live experiments through regulatory sandboxes, to enable safe adoption in the financial sector,\u201d the deputy prime minister detailed.<\/p>\n<p>The central bank said in April that its licensing process for digital asset service providers needs to be stringent. \u201cIt needs to be because we want to be a responsible global crypto hub with innovative players, but also with strong risk management capabilities,\u201d the MAS explained.<\/p>\n<p>In January, cryptocurrency ATMs closed down in the country following the MAS announcement. The central bank also restricted crypto ads earlier this year, stressing that crypto trading is not suitable for the general public.<\/p>\n<p><em><strong>What do you think about the comments by Singapore\u2019s deputy prime minister? Let us know in the comments section below.<\/strong><\/em><\/p>\n<p>Kevin Helms <\/p>\n<p class=\"article__body__author__info__about\">\nA student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.<\/p>\n<p><i class=\"td-icon-font td-icon-mail-1\"\/><\/p>\n<p class=\"images_credits\"><em>Image Credits: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n<p><strong>Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<p>More Popular NewsIn Case You Missed It<\/p>\n<p><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/news.bitcoin.com\/singapores-deputy-prime-minister-advises-retail-investors-to-steer-clear-of-cryptocurrencies\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Singapore\u2019s deputy prime minister has advised retail investors to steer clear of cryptocurrencies, citing that they are \u201chighly risky.\u201d He stressed, \u201cWe cannot express this enough.\u201d Singapore\u2019s Deputy Prime Minister Warns About Crypto Singapore\u2019s Deputy Prime Minister Heng Swee Keat reportedly warned retail investors against investing in cryptocurrency Tuesday while speaking at the Asia Tech [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":4621,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[1],"tags":[],"class_list":["post-4620","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-updates"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/4620","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=4620"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/4620\/revisions"}],"predecessor-version":[{"id":4622,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/4620\/revisions\/4622"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/4621"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=4620"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=4620"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=4620"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}