The Monetary Authority of Singapore (MAS) said it is unable to determine the proportion of cryptocurrency holdings by the general public in the city-state as these include transactions with both Singapore-based as well as overseas service providers.
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- “Data on the total cryptocurrency holdings of the Singapore public are not available,” Tharman Shanmugaratnam, minister in charge of MAS, said in a reply to a parliamentary question.
- He said it is not possible to determine how much cryptocurrency holdings Singapore’s public has obtained through MAS-licensed DPT (Digital Payment Token) service providers as these transactions involve overseas service providers as well.
- But he warned that the general public investing in cryptocurrencies “stand to lose all the monies they have put into cryptocurrencies” as prices fluctuate “wildly.”
- The central bank has consistently warned Singapore’s general public against trading in cryptocurrencies and even said that cryptocurrencies have no fundamental value.
- MAS moved to discourage retail trading by restricting crypto advertising in public areas, while stressing it intends the island nation to be at the forefront of digital asset innovation.
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