Scam Alert: The Government Of Singapore Hasn’t Adopted Cryptocurrencies Despite Fake Claims

Singapore’s regulator- the Monetary Authority agency has issued multiple warnings to the public of an alleged scam where it says that the government has finally adopted cryptocurrencies and in our crypto news today we find out more.

The MAS is Singapore’s central bank and the country’s official financial regulator and stated in an official press release that there is currently an online fraudulent scheme that spreads on the websites where a crypto investment offer is posted using the false data attributed to the government.

The scam websites claim that the government of Singapore is adopting cryptocurrencies finally as their official coin and they ask for the users to give them their personal data in order to buy the crypto exclusively.

Apart from reporting the fraudulent websites, the Monetary Authority of Singapore issued multiple warnings to the public related to investing in cryptocurrencies or digital tokens making clear that such investments are high-risk.

The regulator of Singapore also pointed out many recommendations that were published since 2017 including their latest one published back in December 2018 that focuses on pieces of advice and policies on crypto investment and scam prevention and protection.

The MAS also banned a local ICO project from starting a security token offering (STO) in Singapore claiming that all of the STOs have to comply with the existent laws in the country and are required to register with the Monetary Authority of Singapore.

There was a similar case such as this one in Malta after the ‘’blockchain island’’ issued a warning against a scam scheme known as the ‘’Bitcoin Revolution’’ where many get-rich tips and schemes were provided over multiple websites.