Singapore’s central bank warned investors to “be very cautious” about Bitcoin investments

nBankruptcy comment: The Singapore Monetary Authority (MAS) has recently released a clue on the risk of cryptocurrency investment, advising investors to “extra caution” when investing in digital currencies such as bitcoin, emphasizing that it will not regulate cryptocurrencies, so investing You must be prepared to face the risk of losing money. In August, MAS also issued a risk alert to investors on the issue of digital token (ICO). The content of this announcement is basically in line with the risk alert in August.n
nTranslation: Clovern
Singapore’s central bank, the Monetary Authority of Singapore (MAS), recently released a tip on cryptocurrency investment risks to become the latest financial regulator to issue such warnings.n
Due to the “speculative” rise in the cryptocurrency market recently, MAS issued a statement advising the public to be “extremely cautious” when investing in digital currencies such as bitcoin. The agency also stressed that its “no regulation of cryptocurrencies”, investors must be prepared to face the risk of loss of funds.n
MAS made it clear that the cryptocurrency “does not belong to the French currency” in the country and states:n
n”The Monetary Authority of Singapore advises the public to exercise caution and to understand the significant risks they have to take when investing in cryptocurrencies.”n
nMAS further pointed out that no regulatory body in Singapore is able to secure “safe and secure” investment in cryptocurrencies or to encrypt monetary intermediaries.n
However, the central bank added: “If cryptocurrencies are found to be illegally used by cryptocurrencies, law enforcement agencies may suspend their operations.”n
The statement is basically in line with the cautionary warning issued by MAS to investors in the wake of the first ICO issuance in August.n
The risk alert notice issued at that time states: “If consumers conduct business with entities that are not regulated by the MAS, they have on their behalf abandoned the protections provided by MAS-administered laws.”n
In addition to MAS, more than the financial regulator has prompted investors to be wary of the risks posed by Bitcoin investments, with the Danish central banker Monday warning investors to “stay away” from Bitcoin and cite cryptocurrency investments As “dangerous” level.n

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