Singapore warns of scam claiming the government has adopted cryptocurrencies

30 Jan, 2019 | Updated: 30 Jan, 2019
by Richard Allen
News
Singapore warns of scam claiming the government has adopted cryptocurrencies

The Monetary Authority of Singapore (MAS) has issued a warning to the public about the emergence of a scam that claims cryptocurrencies have officially been adopted by the government.

According to the official statement, MAS states that the scam is being spread by fraudulent websites that offer crypto investments by using fabricated information attributed to the government.

These fake websites are reportedly claiming that the Singapore government is adopting a cryptocurrency as its official coin and that a firm has been appointed to exclusively market this cryptocurrency. The sites ask readers to provide their personal and financial details to purchase the coin.

MAS has also included a general warning, advising the public to be careful with cryptocurrency investment due to the volatile nature of digital assets.

As Coin Telegraph reports, the MAS banned an ICO project last week for conducting a security token offering in Singapore, reportedly because the project failed to register with the MAS.

Read more: Singapore is looking to regulate crypto exchanges, new bill is under development; Malaysia "still unclear" on legal status of cryptocurrencies

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