Showing 148 Documents for "crypto"
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- MAS
- Financial Stability Reviews
Last revised date:
- In a similar vein, FIs in the traditional financial system could have exposures to crypto-assets and crypto ecosystem participants that link them to the crypto ecosystem.
- The concentration of services in crypto 101 Margin trading services are offered by crypto exchanges, crypto derivatives products with implicit leverage are created by and traded on both crypto exchanges and traditional derivatives exchanges, and borrowing of crypto- assets or the financing
- Overview of crypto-assets and DeFi Three sub-categories 93 in the crypto-asset space are considered: (i) stablecoins; (ii) crypto-assets other than stablecoins (henceforth referred to as other crypto-assets); and (iii) decentralised finance (DeFi). 92 93 In this Feature, crypto-assets
- MAS
- Consultations
Last revised date:
- The 2022 Crypto Crime Report. 7 Bloomberg, 12 October 2022. Crypto hackers set for record year after looting over $3 billion.
- In 2021, US$3.2 billion in cryptocurrencies were stolen. As of the time of writing, another US$3 billion in cryptocurrencies had been stolen in 20227.
- Crypto lending unit of Genesis files for US bankruptcy as crisis deepens; CNBC, 29 July 2022. The death of easy money: Why 20% annual returns are over in crypto lending.
- MAS
- Parliamentary Replies
Last revised date:
- MAS has repeatedly cautioned that investing in cryptocurrencies is risky and not suitable for retail investors. The prices of most cryptocurrencies are subject to speculative swings. 2.
- MAS continues to watch developments in the cryptocurrency space and will regularly review the adequacy and appropriateness of our regulations.
- Those who choose to trade in cryptocurrencies should therefore understand the significant risks they are taking on, and verify the credentials of the entities involved before dealing with them.
- MAS
- Parliamentary Replies
Last revised date:
- MAS also works closely with the Police to combat cryptocurrency scams. MAS and the Police have issued public advisories alerting consumers to guard against fraudulent websites soliciting cryptocurrency investments.
- In Singapore, as in other jurisdictions, not all activities related to digital payment tokens (“DPT”) - referred to as cryptocurrencies - are regulated.
- When dealing with cryptocurrency firms, consumers should check if the entities are licensed or have been granted an exemption to hold a licence by referring to MAS’ website. * * *
- MAS
- Parliamentary Replies
Last revised date:
- Privacy coins 1 , privacy wallets 2 or cryptocurrency mixers 3 can be misused by criminals since they are all designed to hide the identity of persons behind cryptocurrency transactions.
- coins and privacy wallets in Singapore; and (b) whether the Government regulates the use of privacy coins and cryptocurrency mixers. policy.
- Similar to mixers, these wallets obscure the original ownership of cryptocurrencies and make transactions difficult to trace. [3] Mixers or mixing services are software or services which allows users to commingle their cryptocurrencies with the aim of obscuring their original ownership and make transactions
- MAS
- Speeches
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- The Monetary Authority of Singapore, or MAS, has consistently warned the public against trading in cryptocurrencies, and has taken steps to limit promotion of cryptocurrencies to the general public earlier this year. a.
- Crypto assets, in particular, have garnered much interest. Earlier on, due to their phenomenal growth and promises of higher returns, and lately, due to the crash of Terra Luna, and the rout of crypto currencies. c. The way to approach Web 3.0 is to keep an open mind.
- Many investors suffered losses and even lost their life savings in the recent meltdown of TerraUSD and Luna, which triggered knock-on effects on Bitcoin and other cryptocurrencies. b. Retail investors especially should steer clear of cryptocurrencies. We cannot emphasise this enough. 11.
- MAS
- Economic Essays
Last revised date:
- Once outlawed, launder it would be difficult to cryptocurrencies back into the financial system.
- While some cryptocurrencies have adopted various collateralisation strategies to minimise price volatility, they continue to face constraints.
- Recent history bears this out, with the market capitalisation of cryptocurrencies falling by 80% over 10 months from January to November 2018.
- MAS
- Media Releases
Last revised date:
- 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.
- For more information on cryptocurrencies or digital token investments, please refer to MoneySENSE’s consumer alerts .
- Singapore, 29 January 2019… The Monetary Authority of Singapore (MAS) warns members of the public not to be misled by fraudulent websites that solicit investments in cryptocurrencies using fabricated information attributed to the Singapore Government.
- MAS
- Media Releases
Last revised date:
- For more information on cryptocurrencies and cryptocurrency investments, please refer to MoneySENSE’s consumer alerts .
- Putting money in cryptocurrencies such as Bitcoins is highly risky. MAS had issued an advisory on 19 December 2017 to warn the public of the risks of cryptocurrency investments.
- DPM Tharman had in fact stated in a reply to a Parliamentary Question on 5 February 2018 that Singaporeans “could lose their shirts when they invest money in cryptocurrencies”.
- MAS
- Parliamentary Replies
Last revised date:
- While data on cryptocurrency holdings among the Singapore public are not available, statistics collected by MAS show that banks in Singapore have insignificant exposures to the cryptocurrency ecosystem. 3.
- The recent chain of high profile failures in the cryptocurrency markets, starting from the collapse of the TerraUSD (UST) and Luna tokens, illustrates the high risks involved in investments in cryptocurrencies that MAS has warned the public about repeatedly. 2.
- Currently, stablecoins, together with other cryptocurrencies such as Bitcoin, are considered digital payment tokens (DPTs) under the Payment Services Act. The regulatory regime for DPT services under the Act primarily targets money laundering / terrorism financing and technology risks.