Monetary Authority of Singapore warns investors of the risk of cryptocurrency and token investments.
We are very pleased that the Monetary Authority of Singapore has issued a warning note regarding investing in initial token offerings and cryptocurrencies. The advice is relevant in all jurisdictions and it encourages investors to : 1. Make sure they fully understand the benefits and risks of the product or service before committing;
2. Assess whether the features of the product or service offered meets their needs; and
3. Before committing to an investment, consumers should ASK, CHECK and CONFIRM.
a. ASK the seller as many questions as they need to fully understand the investment opportunity. b. CHECK if the information provided by the seller on itself or its scheme is true. c. CONFIRM before investing, the seller or its representative’s credentials.
Full details of the MAS guidance can be found here.