Singapore’s Deputy Prime Minister: “Small investors should not invest in cryptocurrencies”

Singapore’s Deputy Prime Minister Heng Swee Keat warned retail investors to steer clear of investments in cryptocurrencies, saying the young asset class is “a high-risk sector.”

Heng said many investors have suffered losses and even lost savings in the recent crash of TerraUSD and LUNA, which dramatically impacted Bitcoin and other cryptocurrencies.

“Small investors, in particular, should stay away from cryptocurrencies,” he said.

The Singapore Monetary Authority, aka Mas, has continuously warned the public not to trade cryptocurrencies and has taken actions to limit the promotion of cryptocurrencies to the public earlier this year.

However, he said that the digital asset ecosystem still deserves attention:

“We remain interested in partnering with blockchain and digital assets to encourage innovation and build trust in the sector,” he said.

Over the past two years, Mas has licensed 11 digital payment token service providers, such as Paxos, cryptocurrency exchanges such as Coinhako, and traditional financial institutions such as DBS Vickers.

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