Singapore says it is considering a new entry The laws you will make Much more difficult for retail cryptocurrency investors to trade digital assets during this time. Regulators in the country say they are really concerned about the ongoing risks involved with virtual money.
Singapore concerned about cryptocurrency trading
Singapore states that many people involved in cryptocurrency are doing so simply because they suffer from a fear of missing out, or “FOMO.” Regulators say people are “oblivious” to the risks and don’t think about everything that could happen before they start trading.
Despite the high levels of warnings and measures taken by the state for its citizens, Singapore says that many residents continue to engage in cryptocurrency without doing their part, and this has ultimately led to some serious flaws and problems for its people. Nation.
Ravi Menon, managing director of the Monetary Authority of Singapore (MAS) explained at a recent event that people simply get out of it when it comes to thinking about the problems that can come with getting involved in cryptocurrencies. He said:
They seem irrationally oblivious to the risks of cryptocurrency trading… This may include customer suitability tests and restriction of the use of leverage and credit facilities for cryptocurrency trading.
Indeed, cryptocurrency trading has encountered serious problems along the way, the biggest of which is the amount of crime seen in the space. For example, Mt.Gox and Coincheck are often considered the biggest examples of crime in the industry. Mt.Gox happened in Japan in February of 2014. As a cryptocurrency exchange now doomed to fail, more than $400 million of BTC funds disappeared overnight. Very little of that money was refunded or refunded.
Coincheck happened less than four years later. In Japan, too, the cryptocurrency exchange lost more than half a billion in crypto funds. It was this event that eventually caused Japanese regulators to get involved and start overseeing crypto activity within the country’s borders.
Many scams happen
But it is not just a cryptocurrency exchange hack problem. There have also been a wide variety of scams that permeated the space, great examples being romance scams. The scenario should feel relatively familiar at this point given how many times it’s been reported. Someone pretends to be a real person on a dating app or website. From there, they form a relationship with someone and then start tempting them to get involved with the cryptocurrency trading site.
Once that happens, investors start to see their money go up and get totally excited about what’s going on. However, when they try to withdraw some of this money, they either cannot access it, or they are asked to pay more.
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