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.