Singapore DPM Heng Swee Keat warns retails investors against cryptocurrency trading & More News Here

SINGAPORE — Singapore’s deputy prime minister Heng Swee Keat warned retail investors to “steer clear” of cryptocurrencies following the current Terra Luna crash which noticed investors dropping life financial savings.

That stated, the crypto asset area, whereas extremely dangerous, nonetheless had the potential to rework the way forward for finance, stated Heng, who can also be Coordinating Minister for Economic Policies, on Tuesday (31 March) on the opening of the Asia Tech x Singapore 2022 Summit.

“We must continue to adapt our rules to ensure that regulation remains facilitative of innovation, and yet addresses the key risks that crypto assets pose,” added Heng.

The DPM’s warnings to retail investors echoes calls from The Monetary Authority of Singapore which has persistently warned the general public against trading in cryptocurrencies.

In January, the MAS issued pointers to discourage cryptocurrency trading, together with how Digital Payment Token service suppliers shouldn’t promote their crypto providers to most of the people. This was on the premise that trading in crypto was extremely dangerous and unstable.

In April, Singapore handed a regulation that required digital asset service suppliers which solely do enterprise abroad to be licensed.

Underpinning the warning was the current crash of TerraUSD and Luna which noticed the cryptocurrency fall by greater than 99 per cent earlier this month.

Terra, which ranked among the many prime 10 most respected cryptocurrencies, dropped under US$1 on 11 May, after having peaked near US$120 final month. Some investors later took to the Reddit discussion board to state how a lot they’ve misplaced, with some dropping life financial savings.

The meltdown triggered knock-on results on Bitcoin and different cryptocurrencies, Heng famous.

“Retail investors especially should steer clear of cryptocurrencies. We cannot emphasise this enough,” stated Heng.

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Tokenisation

However the digital asset ecosystem comprised a spread of providers past cryptocurrency trading and the Singapore authorities remained “keen to work with blockchain and digital asset players to encourage innovation, and build up trust in the sector,” he stated.

MAS granted licenses and in-principle approvals to 11 digital fee token service suppliers previously two years. These embody secure coin gamers akin to Paxos, Coinhako and monetary establishment DBS Vickers.

“We will continue to evaluate applications, and facilitate live experiments through regulatory sandboxes, to enable safe adoption in the financial sector,” added Heng.

As a part of the digital asset initiatives, Heng additionally launched Project Guardian, which he stated was a “collaborative effort by MAS to partner the industry to explore the tokenisation of financial assets and develop the future of finance infrastructure”.

The first trade pilot shall be to discover potential Decentralised Finance (DeFi) functions in wholesale funding markets.

“In brief, we should strategy rising tech with an open thoughts, separating the hubris from its true underlying potential,” he said.

“Through regulation, we work constructively to realise the gains of these new technologies, and partner responsible and innovative players with strong risk management capabilities to build the foundations of the digital asset ecosystem,” Heng added.

Separately, Heng also introduced two new programmes which leveraged quantum technology to solve “real-world challenges”.

The two initiatives under the Quantum Engineering Programme are the National Quantum Computing Hub which will strengthen talent development, and the National Quantum Fabless Foundry, which will support micro and nanofabrication of quantum devices across partner cleanrooms.

“Our funding in quantum computing and quantum engineering is a part of our strategy of attempting to anticipate the long run, and proactively shaping the long run that we wish,” Heng said.

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