As reported by the Straits Times, cryptocurrency crimes have increased exponentially since 2018. As per careful estimates, the crypto criminals have been able to rake in about $29 million since the last three years. As per the data by the law enforcement agency, about 400 unique complaints were launched by the citizens during the last year. Most of these reports were about cybercrimes, cons, pyramid schemes, cheating, and other types of scams related to cryptocurrencies.
The legal agency also pointed out that about 125 of these complaints were registered to the police as criminal offenses. While this number was only limited to 15 a year earlier, there are worries that crypto-related crimes are increasing rapidly due to the ongoing crypto fever in the world. This number reflects how many people are willing to take their chances with cryptocurrencies without doing much research.
Singaporean Authorities Claim that People should do their due Diligence before Considering an Investment in Cryptocurrency
Anthony Lim is the director at Strategic Cyberspace and Int. Studies. The enterprise is a non-profit organization that conducts cyber-related studies. He said that it is a testimonial to the greed-based marketing and daydreaming on the part of crypto investors about the state of cryptocurrency crimes. Most crypto scams follow a pattern where scammers promise their victims a quick and easy return on their investments.
On the other hand, the people who fall prey to these scams failed to make an effort to understand the process beforehand. In a lot of cases, the victims lose all of their life savings, returning that is next to impossible even if the police eventually catch the perpetrators.
Singaporean Financial Regulation making Law Friendlier for Crypto Exchanges
Tharman Shanmugaratnam is a senior minister in Singapore. In a recent address to the parliament, he brings forward the statement that the Monetary Authority of Singapore (MAS) has been busy educating people and issuing a warning about being careful with crypto trading. ‘MAS’ is the largest financial regulation agency in Singapore. Due to the destruction of the pandemic, the agency allowed about 415 crypto operators to conduct business without a license.
While speakers like Lim have said that one of the biggest factors for increasing crypto crimes is the absence of proper crypto regulations in the region. The candidates who can accept crypto payments within the regions include names like Alibaba, PayPal, Binance, Ripple, and Coinbase.