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| Wakil Perdana Menteri Singapura Sarankan Investor Ritel Hindari Kripto |
Deputy Prime Minister of Singapore, Heng Swee Keat warned retail investors against investing in cryptocurrencies while speaking at the Asia Tech x Singapore (ATxSG) Summit.
“Retail investors, in particular, should avoid cryptocurrencies. We can't express this enough," said Keat quoted from Bitcoin.com , Monday (5/9/2022).
He points to the collapse of the cryptocurrency terra (LUNA) and the algorithmic stablecoin Terra USD (UST) backing his argument. Many investors lost a lot of money when the two popular cryptocurrencies fell.
While warning cryptocurrencies are "very risky," the deputy prime minister also stated digital dollars could transform finances. Keat also emphasized the importance of crypto regulation.
“We must continue to adapt our rules to ensure that regulations continue to facilitate innovation, but also address the key risks posed by crypto assets,” said Keat.
Singapore has adopted strict rules on crypto, with the country's central bank, the Monetary Authority of Singapore (MAS), as the main regulator of the crypto sector.
Many people have applied for a license with MAS to operate a crypto exchange. However, about 100 companies have failed to meet regulatory requirements.
Over the past two years, MAS has only granted licenses and in-principle approvals to 11 digital payment token service providers.
“We will continue to evaluate applications, and facilitate direct experimentation through the regulatory sandbox, to enable safe adoption in the financial sector,” explains Keat.
Singapore's central bank said in April the licensing process for digital asset service providers needed to be rigorous.
“It was necessary because we wanted to be a responsible global crypto hub with innovative players, but also with strong risk management capabilities,” MAS explains.
In January 2022, All cryptocurrency ATMs were closed in the country following the announcement of the MAS. The central bank also restricted crypto advertising earlier this year, stressing crypto is not suitable for the general public.
This Financial Advisor Suggests Investors Leave Crypto, What's Up?
Financial expert and host of Mad Money, Jim Cramer on Tuesday, August 30, 2022 called on investors to stay away from speculative assets such as cryptocurrencies.
The warning comes as investors must be prepared to fight harder during the Federal Reserve's ongoing monetary policy tightening cycle. Cramer said, this is not only limited to crypto but other speculative assets.
"Fed chief Powell told us we have to stop doing stupid things with our money. That was the point of his speech last Friday," Cramer said, referring to the US central bank's Jackson Hole speech, in which Powell warned of the Fed's commitment to pressure. inflation, quoted from CNBC , Thursday (1/9/2022).
Wall Street closed lower for the third straight session as investors digested Powell's remarks Friday morning. Cramer, also admits he no longer believes in the argument that bitcoin is a store of value like gold.
In Cramer's opinion, another speculative part of the market to avoid are loss-making companies that go public through special-purpose acquisition companies and meme stocks.
"This is what it looks like when the Fed gets serious. It's also going to cost some good investments in the process but we're not going to see the end of this downturn until we get a massive purge of all the speculative stuff," Cramer said.
As for Cramer, investors just have to go through it intact. Don't invest in meme stocks, don't go into crypto.
"You're going to get through this bush and find yourself in much better times when we're oversold enough for a big bounce," Cramer concluded.
Turkish Crypto Boss Arrested, Takes away Rp 29.6 Trillion Investor's Money
As previously reported, authorities in Albania have detained the founder and chief executive of Turkish cryptocurrency exchange Thodex, who allegedly fled Turkey with customer funds when the trading platform collapsed. Faruk Fatih Ozer is wanted for fraud with a red notice issued by Interpol.
Reporting from Bitcoin.com, Thursday (1/9/2022), Albanian law enforcement has been trying to find him since he reportedly fled to the country with investor assets worth USD 2 billion or around Rp. 29.6 trillion. Nearly 400,000 people are believed to have suffered losses.
According to the Turkish Interior Ministry's announcement, quoted by Anadolu Agency and other Turkish media, Albanian Interior Minister Bledar uci told his Ankara counterpart, Suleyman Soylu, saying Ozer was arrested in the city of Vlora. His identity is confirmed by biometric data.
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Ozer disappeared in 2021 following the shutdown of a crypto trading platform that gained popularity during the crypto boom in Turkey in which many sought to protect their savings from the rapidly depressing .
In April last year, Turkey issued an international arrest warrant for him. Turkish prosecutors are demanding jail terms totaling thousands of years for the founder of Thodex and other members of his executive team suspected of stopping trading as part of an exit scam.
They are accused of fraud and money laundering, with authorities claiming that the damage from their activities exceeds an estimated 350 million Turkish lira.
Turkey's interior ministry said Albania had started the necessary procedures for Ozer's extradition to Turkey. He is now being held in Elbasan, Ozer is expected to appear in court soon.
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