Singapore government officials: The public should stay away from cryptocurrencies, and caning is not ruled out for serious fraud crimes

Odaily News Singapore's Minister of State for Home Affairs Sun Xueling reiterated the determination of various government agencies to combat fraud during the debate on the Ministry of Home Affairs' expenditure budget at the Parliamentary Appropriations Committee on Tuesday, and will further strengthen existing anti-fraud measures, regulations and education. She specifically mentioned cryptocurrency fraud, which accounted for a quarter of the total losses involved in fraud last year. She said that fraudsters have recently realized that banks are closely monitoring and it is difficult to find loopholes, so they have turned to instructing victims to convert their money into cryptocurrency before remitting it, thereby circumventing the review mechanism. There are also fraudsters who directly steal assets from victims' cryptocurrency wallets. Faced with repeated fraud cases, the Ministry of Home Affairs does not rule out the use of caning to punish those who commit serious fraud crimes. (Lianhe Zaobao)