In Singapore, they are detected 631 case of cryptocurrency fraud per year – Bits Media

The Singapore government called on the country's citizens to be careful in investments in crypto actuals.

Interior Minister Kasivisvanathan Shanmugams (Kasiviswanathan Shanmugam) reported, that over the past three years, the number of complaints about Cryptoes. For 2019 a year received the police 125 statements from citizens, lost their money due to investments in doubtful cryptocurrency projects. IN 2020 This number has increased to 397, and in 2021 the year exceeded 630.

The vast majority of offenses with cryptocurrencies are committed by people, located outside the country, Therefore, the possibilities of Singapore law enforcement agencies to protect local citizens are limited, The minister is concerned. He assured, that the local prosecutor's office activated measures to identify such schemes. However, the effectiveness of the tracking of the organizers of cryptocurrency pyramids largely depends on cooperation with foreign law enforcement agencies.

The minister noted, what else in 2018 year the Singapore police created a special working group for monitoring crypto space, improving the procedures for investigating crimes with cryptocurrencies and confiscation of digital assets. In addition to law enforcement officers, The group included industry and academic specialists. Shanmugam added, that the best protection against cryptocurrency fraud is criticality, the ability to analyze information and the ability to distinguish a good project from a cryptocurrency pyramid. Therefore, the authorities of Singapore were increasingly turning to the public, warning people about the risks of investment in crypto assets.

Recently monetary control of Singapore (BUT) proposed to tighten the regulation of the activities of issuers of stablecoins, to reduce financial risks of retail investors.