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Crypto assets • Campaign launched to raise awareness of risks, scams

The Monetary Authority of Singapore (MAS) agrees with Mr Ramamurthy Mahesh Kumar on the importance of educating the public on the risks of investing in crypto assets (Highlight risks, dangers of crypto assets to public, April 9).

In recent years, MAS has repeatedly cautioned the public on these risks.

We have highlighted through numerous consumer advisories that certain crypto assets, such as cryptocurrencies, have no intrinsic value and are subject to sharp price swings.

In Senior Minister Tharman Shanmugaratnam's recent written response to Parliament on April 5, he reiterated that cryptocurrencies are highly risky as investment products and not suitable for retail investors.

Thus, consumers considering an investment in cryptocurrencies must give due regard to the higher risk of loss associated with such investments.

Higher returns are inevitably accompanied by higher risks - if the touted ease of making significant profits sounds too good to be true, it probably is.

MoneySense, Singapore's national financial education programme, has since 2003 been working with industry partners and other government entities to raise awareness of the importance of making informed financial and investment decisions.

MoneySense launched a campaign this month to raise public awareness of investment scams involving cryptocurrencies and online trading.

Consumers are reminded to always ask, check and confirm the legitimacy of the entity marketing the product before making any investment.

We encourage consumers to refer to MoneySense's website (www.moneysense.gov.sg) for resources on personal finance and to follow MoneySense on Facebook (www.facebook.com/ MoneySense) and on Instagram (www.instagram.com/ moneysense_sg) for investor alerts, financial tips and news on upcoming events.

Dawn Chew

Director (Corporate Communications)

Monetary Authority of Singapore

A version of this article appeared in the print edition of The Straits Times on April 17, 2021, with the headline 'Crypto assets • Campaign launched to raise awareness of risks, scams'. Subscribe