MAS cautions public against fraudulent websites soliciting crypto investments

The Monetary Authority of Singapore (MAS) has issued a warning against fraudulent websites that are soliciting cryptocurrency investments.

In an announcement dated January 29, the MAS cautioned the public against websites that are misleading people by using fabricated information attributed to the government.

It said:

“These websites falsely claim that Singapore is adopting a cryptocurrency as its official coin. They also claim that a firm has been appointed exclusively to market this cryptocurrency. The sites ask readers to provide their personal and financial details to purchase the cryptocurrency.

“This is a scam and members of the public should avoid providing any financial or personal information on the forms linked from the websites.”

In September 2018, the MAS had issued two such warnings against fraudulent websites soliciting cryptocurrency investments.

The MAS is also working towards introducing a regulatory framework for cryptocurrency exchange services in the country. During the second reading of the “Payment Services Bill” earlier this month, Ong Ye Kung, Minister For Education, on behalf of Tharman Shanmugaratnam, Deputy Prime Minister and Minister-In-Charge of the MAS, said:

“We will be among the first few financial services regulators in the world to introduce a regulatory framework for digital payment token services, or what are commonly understood as cryptocurrency dealing or exchange services.”