Officials urge caution in crypto investing

More regulation: A representation of the virtual cryptocurrency bitcoin is seen in this illustration. Singapore is increasing efforts to tame virtual currency risks. — Reuters

SINGAPORE: Singapore officials warned people chasing digital investment opportunities like non-fungible tokens (NFTs) and metaverse assets to exercise caution and participate “responsibly” – a recommendation that mirrors the city-state’s own balancing act as it promises to embrace crypto, but in a measured way.

Singapore’s government is “closely studying” the characteristics and risks of technologies like blockchain, decentralised finance, NFTs and the metaverse, Minister for Communications and Information Josephine Teo wrote in a reply to a question from parliament member Yip Hon Weng.