Singapore Strengthens Measures Against Cryptocurrency Scams

According to Odaily, Singapore's Minister of State for Home Affairs, Sun Xueling, reaffirmed the government's commitment to combating fraud during a parliamentary budget debate on Tuesday. She emphasized the need to enhance existing anti-fraud measures, regulations, and education, particularly in response to cryptocurrency scams. Last year, cryptocurrency-related scams accounted for a quarter of the total financial losses due to fraud. Scammers have adapted to increased bank scrutiny by instructing victims to convert money into cryptocurrency before transferring it, thereby evading detection. Additionally, some fraudsters have directly stolen assets from victims' cryptocurrency wallets. In response to the persistent issue of scams, the Ministry of Home Affairs is considering the use of caning as a punishment for severe fraud offenses.