Plans for Ministries to Work Together to Prevent and Solve Cryptocurrency Scams and Crimes
- The Ministry for Home Affairs has established a Cryptocurrency Task Force since 2018, collaborating with the Monetary Authority of Singapore (MAS), the Association of Crypto Currency Enterprises and Start-ups Singapore (ACCESS), and both local and overseas cryptocurrency exchanges to investigate crimes and improve operational procedures.
- MAS regulates cryptocurrency-related entities under the Payment Services Act, enforcing anti-money laundering and terrorism financing requirements, and advises consumers to verify regulated entities through resources like the Financial Institutions Directory and Investor Alert List.
- Public awareness campaigns by MoneySense and advisories from MAS and the Police focus on educating consumers about the risks of cryptocurrency investments, promoting vigilance, and encouraging checks before investing.
- The Task Force and MAS work together to monitor the cryptocurrency landscape and establish relationships with international law enforcement, industry professionals, and academic experts to combat scams and crimes effectively.