Singapore Trade Minister Alvin Tan has warned the public to avoid cryptocurrencies due to the lack of protection in case of financial losses. The government has recently tightened regulations on exchanges and prohibited investors from using credit cards to purchase digital assets. Prime Minister Lawrence Wong has also issued warnings about deepfake scams promoting cryptocurrencies. Tan, who sits on the board of the Monetary Authority of Singapore, emphasized that dealing in cryptocurrencies is highly risky and not suitable for the general public. Additionally, a Singaporean MP has called for stricter punishments for crypto fraudsters.



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