Singapore calls cryptocurrencies illegal tender

The Monetary Authority of Singapore advises the public to act with extreme caution if they choose to invest in cryptocurrencies
20 December 2017   1045

Yesterday the Monetary Authority of Singapore (MAS) published a press release in which it advises the public to act with extreme caution and understand the significant risks they take on if they choose to invest in cryptocurrencies.

MAS is concerned that members of the public may be attracted to invest in cryptocurrencies, such as Bitcoin, due to the recent escalation in their prices.

According to release, MAS considers the recent surge in the prices of cryptocurrencies to be driven by speculation and it reminds the public that cryptocurrencies are not legal tender.

MAS adds that there is no regulatory safeguard for investments in cryptocurrencies and most operators of platforms on which cryptocurrencies are traded do not have a presence in Singapore, thus it would be difficult to verify their authenticity or credibility.

Recently, we have reported that Kuwait’s Ministry of Finance said that it does not recognize bitcoin and forbids its trading in the Kuwaiti financial institutions.

Karpeles to Face Another 10 Years in Jail

Japanese enforcements agencies blamed Mt. Gox CEO in stilling $3M
12 December 2018   94

Japanese prosecutors blamed the head of the already inactive exchange Mt. Gox Mark Carpeles in embezzling 341 million yen ($ 3 million) from a bank account trading platform. The prosecutors made the corresponding statement in the Tokyo District Court, demanding 10 years of imprisonment for Karpeles, reports The Mainichi.

[Mark Karpeles] diverted company funds to such uses as investing in a software development business for personal interest" and "played a great role in totally destroying the confidence of bitcoin users.
 

Japanese prosecutors

It is noted that in September-December 2013, the head of MtGox allegedly transferred funds to personal bank accounts, and then invested in the software development business.

Carpeles is also accused of faking the data of the trading system of the exchange for the fabrication of balance sheets.

The deadline for accepting applications from affected investors as part of the civil rehabilitation of Mt. Gox has been extended until the end of December.