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Singapore posts increasing crime related to cryptocurrency investments

Singaporean police reports of crime related to cryptocurrency investments have soared since 2018.
Singapore posts increasing crime related to cryptocurrency investments ảnh 1Illustrative photo (Source: investorplace.com)

Singapore (VNA) – Singaporean police reports ofcrime related to cryptocurrency investments have soared since 2018.

As reported by the local news agency The Straits Times, thepolice said 393 reports of cheating, fraud or other crimes related toinvestments in cryptocurrencies were made in 2020.

The number was more than three times of the 125 reports madein 2019 and a massive jump from 15 reports in 2018. Around 29 million USD waslost in such cases between 2018 and 2020.

Director of the non-profit Centre for Strategic Cyberspaceand International Studies Anthony Lim said that cryptocurrencies arepopular for use in illicit practices because they are mostly unregulated bygovernments.

Earlier this month, Singaporean Senior Minister andCoordinating Minister for Social Policies Tharman Shanmugaratnam said in awritten reply in Parliament that the Monetary Authority of Singapore (MAS) hasrepeatedly cautioned that investing in cryptocurrencies is risky and notsuitable for retail investors.

In April, the country’s national financial educationprogramme MoneySense launched a campaign to raise awareness of the risks ofinvestment scams involving cryptocurrencies and online trading./.
VNA
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