The federal government of Singapore has revealed the variety of crypto scams reported to the police in the previous three years. “The overwhelming majority of cryptocurrency scams are perpetrated by scammers based mostly outdoors Singapore. As such, there’s a restrict to how a lot regulation enforcement companies in Singapore can do,” stated Singapore’s minister for dwelling affairs.
Singapore Authorities’s Knowledge on Cryptocurrency Scams
The Singaporean authorities has revealed the variety of stories associated to cryptocurrency scams the police obtained in the previous three years.
In a written reply to a parliamentary query about crypto scams in Singapore, revealed final week, Minister for Residence Affairs and Minister for Legislation Ok. Shanmugam wrote:
In 2019, the police obtained 125 stories associated to cryptocurrency scams. This elevated to 397 in 2020, and 631 in 2021.
“The overwhelming majority of cryptocurrency scams are perpetrated by scammers based mostly outdoors Singapore. As such, there’s a restrict to how a lot regulation enforcement companies in Singapore can do,” Minister Shanmugam added, elaborating:
Our capability to unravel these circumstances will rely upon the extent of cooperation from abroad regulation enforcement companies, in addition to their capability to trace down these scammers. Nonetheless, we now have stepped up our investigation efforts.
The Singapore Police Pressure established a cryptocurrency taskforce in 2018 “to observe the cryptocurrency panorama, develop and enhance operational procedures in investigations and seizure of cryptocurrencies, and set up working relationships with abroad regulation enforcement companies, trade professionals, and tutorial specialists,” the minister famous.
The taskforce works carefully with the Financial Authority of Singapore (MAS), the nation’s central financial institution, which regulates entities that deal in or facilitate the trade of cryptocurrencies.
In conclusion, Minister Shanmugam harassed:
The very best protection, nonetheless, is a discerning public. To that finish, we now have stepped up public training efforts to teach the general public on cryptocurrency-related scams.
What do you consider the feedback by Minister Shanmugam? Tell us in the feedback part beneath.
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