Regulators have cryptocurrencies in their sights

As digital assets go mainstream, investors should take heed of the dangers they bring

The once anarchic, anti- establishment crypto world is increasingly mingling with the sober sphere of tax planning and stodgy mainstream financial entities. PHOTO: BLOOMBERG
New: Gift this subscriber-only story to your friends and family

(FINANCIAL TIMES) - When cryptocurrency prices surged last year, this created hordes of newly minted digital millionaires. Now we are seeing some real-world consequences.

This week Fidelity, the asset manager, revealed that its clients donated US$10 billion (S$13.4 billion) to its charitable arm last year, including US$331 million of crypto asset donations, mostly Bitcoin. This was a twelvefold increase on 2020.

Already a subscriber? 

Dive deeper at $0.99/month

Want more exclusives, sharp insights into what's happening at home and abroad? Subscribe to stay informed.

Unlock these benefits

  • All subscriber-only content on ST app and

  • Easy access any time via ST app on 1 mobile device

  • 2-week e-paper archive so you never miss out on any topic that matters to you

Join ST's Telegram channel and get the latest breaking news delivered to you.