Source of article: Monetary Authority of Singapore

The position of the MAS is consistently clear – yes to digital asset innovation, no to cryptocurrency speculation. Retail investors who believe that jumping onto the cryptocurrency bandwagon will enable them to get rich overnight should read the enclosed 29 Aug 2022 speech of Mr Ravi Menon, MD of the MAS, explaining the position of the MAS, and why retail investors should be careful before putting their life savings in purported investment schemes that could in essence be ponzi scams and rug pull entrapments.

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