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Monetary Authority of Singapore warns of fraudulent websites seeking cryptocurrency investments

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The Monetary Authority of Singapore (MAS) warned members of the public today, 29 January, not to be misled by fraudulent websites that solicit investments in cryptocurrencies using fabricated information attributed to the Singapore Government.

False claims that Singapore has an official cryptocurrency

These websites falsely claim that Singapore is adopting a cryptocurrency as its official coin. They also claim that a firm has been appointed exclusively to market this cryptocurrency. The sites ask readers to provide their personal and financial details to purchase the cryptocurrency.

MAS states that “This is a scam and members of the public should avoid providing any financial or personal information on the forms linked from the websites.”

MAS has issued several warnings on cryptocurrency investment offers

Putting money in cryptocurrencies or digital tokens is highly risky. MAS and the Commercial Affairs Department (CAD) have issued several advisories on 19 December 2017, 18 September 2018, 19 September 2018 and 5 December 2018 to warn the public of the risks of such investment offers.

Suspect investment offers should be reported to the police

The Monetary Authority of Singapore has asked that members of the public who suspect that an investment offer could be fraudulent or misused for other unlawful activities should report such cases to the Police.

Due to this digital currency industry being largely unregulated, and the rise of fraudulent activity in this area saw last week many countries in the region reviewing their digital currency regulation frameworks, such as Thailand, Malaysia and South Korea.

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