Singapore’s government has released the numbers of reported crypto-scams to police during the past three year. “The vast majority of cryptocurrency scams are perpetrated by scammers based outside Singapore. As such, there is a limit to how much law enforcement agencies in Singapore can do,” said Singapore’s minister for home affairs.
Singapore Government’s Data on Cryptocurrency Scams
Singapore has released the numbers of reported cases involving cryptocurrency frauds that the police have received over the past three-years.
Minister for Home Affairs wrote last week that he had written a response to a Parliamentary question on the topic of crypto scams in Singapore.
The police received 125 complaints about cryptocurrency frauds in 2019. The number of reports related to cryptocurrency scams grew from 125 in 2019 to 397 in 2020 and 631 by 2021.
“The vast majority of cryptocurrency scams are perpetrated by scammers based outside Singapore. As such, there is a limit to how much law enforcement agencies in Singapore can do,” Minister Shanmugam added, elaborating:
These cases can only be solved if there is international cooperation. We have increased our investigations.
The Singapore Police Force established a cryptocurrency taskforce in 2018 “to monitor the cryptocurrency landscape, develop and improve operational procedures in investigations and seizure of cryptocurrencies, and establish working relationships with overseas law enforcement agencies, industry professionals, and academic experts,” the minister noted.
The taskforce works closely with the Monetary Authority of Singapore (MAS), the country’s central bank, which regulates entities that deal in or facilitate the exchange of cryptocurrencies.
In conclusion, Minister Shanmugam stressed:
A discerning public is the best defence. To that end, we have stepped up public education efforts to educate the public on cryptocurrency-related scams.
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