Sun Xueling, the Minister of Home Affairs in Singapore, has warned citizens to stay away from cryptocurrencies due to the high risk of scams and the slim chances of recovering stolen funds. She stated that crypto scams accounted for a quarter of total fraud losses in Singapore last year. Other government officials have taken an even harsher stance, with MP Tan Wu Meng advocating for caning crypto fraudsters as a deterrent. Despite being known as a crypto-friendly jurisdiction, Singapore is now facing concerns about sophisticated crypto scams and the need to protect citizens. No new policy has been established, but it is speculated that punitive legislation may be introduced in the future.



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