Singapore’s central bank cautions citizens against Bitcoin scam website 23445 Monetary Authority of Singapore [MAS], the nation's apex bank
Ashmita Dutta
Sep 19, 2018 at 5:30 PM

The Monetary Authority of Singapore (MAS) recently warned locals about a Bitcoin scam website that has used statements falsely attributed to Tharman Shanmugaratnam, MAS chairman and deputy prime minister. Apart from him saying that the country’s cryptocurrency trading is low, all other comments on the website are misleading and false.

The website encourages users to create a Bitcoin account using their personal bank account details or their credit card. The central bank has urged residents to not reveal their personal or financial information on the website.

Older regulatory measures of MAS

Earlier, the central bank had issued a notification regarding the risk factors associated with investing in digital currencies. At a Parliamentary session on February 5, Tharman focused on the risks involved in virtual currency-related investments. According to him, people actively investing in digital assets are more likely to ''lose their shirts".

Since last year, Singapore authorities have increasingly established regulations on virtual currencies, after the country became a refuge for businesses escaping China following its ban on ICOs and crypto exchanges.

Just recently, the MAS issued a warning to eight crypto exchanges against getting involved in unauthorized trading. In November, 2017  the highest bank issued a guidance regarding the offerings of tokens.

In November last year, the central bank had issued a guide to token offerings while it was mulling whether it needed to impose more regulations to safeguard investors from risks related to cryptocurrencies.

See also: Asia's Bitcoin futures trading volumes ''almost the same" as US: crypto trading expert

 See also: Bitcoin mining firm Soluna to start operations in Morocco

Image via Shutterstock

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