MAS 'Monetary Authority of Singapore' Warns Public Of Illicit Crypto Scams.

MAS 'Monetary Authority of Singapore' Warns Public Of Illicit Crypto Scams.

2019-01-31 | Selina Mathew

MAS 'Monetary Authority of Singapore' Warns Public Of Illicit Crypto Scams.

In line with an official 'announcement' published, the MAS [Monetary Authority of Singapore] has warned the general public against an alleged scam claiming that a cryptocurrency is formally adopted by the govt.

MAS which is both Singapore's central bank along with the country’s financial regulator, writes that the illegitimate scheme is being spread through websites that provide crypto investment employing false information attributed to the govt.

The 'Fraud' websites reportedly claim that Singapore is adopting a cryptocurrency as its official coin, and ask users to offer personal and financial information to purchase the crypto’s on an exclusive basis.

Apart from news on the new crypto scam, the MAS has once more warned the general public within the statement regarding common issues in investment in cryptocurrencies or digital tokens, accentuation that such investments are related to high risk.

Additionally, the crypto regulation-responsible authority has outlined multiple recommendations revealed since 2017, together with the most recent one 'revealed' in December 2018.

Just last week, the MAS banned a native ICO [initial coin offering] project from conducting a STO [security token offering] in Singapore, stating that all STOs need to comply with the country’s securities laws and are needed to register with the MAS.

Recently, the Malta’s FSA [Financial Services Authority] additionally issued a warning against an alleged international scam scheme referred to as “Bitcoin Revolution.” The crypto scam allegedly represents a typical get-rich-quick scheme, and operates through the web-site ‘' along with several other anonymous websites.

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