Cryptocurrency Prices Are Going Crazy, Singapore Warns Citizens To Be Cautious

Cryptocurrency prices continue to increase (TechCrunch)

JAKARTA - When crypto money has experienced a significant increase in the last few days. The Singapore government urges its citizens who invest in crypto to be more careful.

The appeal arose because many parties were interested in investing in crypto money in the country. The cryptocurrency market there is also predicted to expand in the next few years.

Tharman Shanmugaratnam as chairman of the Monetary Authority of Singapore (MAS) stated that crypto money is very unstable because the value of cryptocurrency is not related to economic fundamentals.

"Therefore, they are very risky as an investment product, and certainly not suitable for retail investors", Tharman said in a statement as quoted by Bloomberg, Wednesday, April 7.

He also added that his party prohibits crypto money from being traded to retail investors. This statement was made by him when the amount of crypto money market capitalization exceeded USD 2 trillion (approximately IDR 29.010 trillion). Within two months, the cryptocurrency value doubled.

In connection with these conditions, the Singapore authorities intend to fight money laundry or money laundering and terrorism financing efforts that use crypto money.

MAS has tightened its surveillance of various crypto sectors in identifying suspicious networks. In addition, they also monitor high-risk activities.

The Singapore government also raises public awareness regarding the consequences of investing in crypto assets and helps its citizens to avoid fraud or scamming.

“The crypto asset space continues to grow. MAS continues to monitor developments and will continue to adjust its rules as needed to ensure that regulations remain effective and commensurate with the risks posed. Investors, on their part, have to be very careful when trading cryptocurrencies", said Tharman.