Singapore’s financial regulator warns on cryptocurrency frenzy
Singapore — Singapore Tuesday issued a warning about cryptocurrencies after a recent surge in prices sent investors flocking to bitcoin. "The Monetary Authority of Singapore advises the public to act with extreme caution and understand the significant risks they take on if they choose to invest in cryptocurrencies," the city-state’s central bank said in a statement. "MAS is concerned that members of the public may be attracted to invest in cryptocurrencies, such as bitcoin, due to the recent escalation in their prices." It said the recent spike in bitcoin prices comes from speculation, and cautioned that the bubble may burst. Singapore’s central bank joins a number of regulators who have warned about cryptocurrency investments, including the US Federal Reserve, which said bitcoin could threaten financial stability. Regulators in Seoul have banned South Korean financial institutions from dealing in virtual currencies. The MAS, which also acts as a financial regulator in the city-stat...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.