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The Deputy Prime Minister of Singapore warned retail investors against investing in cryptocurrencies, recalling that in addition to them there are other digital assets.
Heng Swee Keat, speaking at the Asia Tech x Singapore (ATxSG) summit, recalled the collapse of the Terra cryptocurrency (LUNA) and the TerraUSD (UST) stablecoin and the fact that investors lost a lot of money. According to Sui Keith, cryptocurrencies are very risky and need proper regulation:
“We must continue to improve and adapt our rules so that regulation promotes innovation, but at the same time eliminates the main risks to investors associated with digital currencies. Despite the risks, this area has the potential to change the future of finance.”
The official recalled that the Monetary Authority of Singapore (MAS) has constantly warned the public to restrict the movement of cryptocurrencies among the general public.
In addition to cryptocurrencies, the ecosystem of digital assets includes a number of less risky blockchain services, Sui Keith assured. Over the past two years, MAS has granted work permits to 11 digital payment token service providers. These include cryptocurrency exchange Coinhako, stablecoin issuers such as Paxos, and traditional financial institutions such as DBS Vickers.
The authorities of Singapore continue to assess the situation in the crypto industry and conduct experiments in real time, promising to ensure the safe implementation of new technologies in the financial sector.
Earlier, Asian technology company TZ APAC announced a partnership with the School of Computing of the National University of Singapore to provide students with the opportunity to study blockchain and Web3.
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