Singaporean police reports of crime related to cryptocurrency investments have soared since 2018.

Illustrative photo (Source: investorplace.com)

As reported by the local news agency The Straits Times, the police said 393 reports of cheating, fraud or other crimes related to investments in cryptocurrencies were made in 2020.

The number was more than three times of the 125 reports made in 2019 and a massive jump from 15 reports in 2018. Around 29 million USD was lost in such cases between 2018 and 2020.

Director of the non-profit Centre for Strategic Cyberspace and International Studies Anthony Lim said that cryptocurrencies are popular for use in illicit practices because they are mostly unregulated by governments.

Earlier this month, Singaporean Senior Minister and Coordinating Minister for Social Policies Tharman Shanmugaratnam said in a written reply in Parliament that the Monetary Authority of Singapore (MAS) has repeatedly cautioned that investing in cryptocurrencies is risky and not suitable for retail investors.

In April, the country’s national financial education programme MoneySense launched a campaign to raise awareness of the risks of investment scams involving cryptocurrencies and online trading.

Source: VNA