Compliance Corner: MAS

Editorial Staff

1 February 2019

Monetary Authority of Singapore
The has warned about fraudulent websites seeking investments in cryptocurrencies using fabricated information attributed to the Singapore government.

“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. This is a scam and members of the public should avoid providing any financial or personal information on the forms linked from the websites,” MAS said in a statement earlier this week.

The watchdog and other authorities have issued a number of recent warnings about such investment offers.