Singapore officials quizzed about crypto scams urge caution

Despite Singapore's aspirations to be a hub for crypto and financial technology, officials are urging citizens to exercise more caution when investing into digital assets. — REUTERS/File Photo

Singapore officials warned people chasing digital investment opportunities like non-fungible tokens 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 S. Iswaran wrote in a reply to a question from parliament member Yip Hon Weng.