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Singapore warns retail investors on Crypto, but keeps “open mind”

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Singapore is painting a mixed picture on its views of Crypto, warning retail investors due to its high risk, but also pointing out their potential to change the future of finance.

The Deputy Prime Minister has addressed the country’s position on crypto.

He’s warning retail investors to steer clear of crypto even as Singapore adopts its own rules to address key risks.

“Retail investors especially should steer clear of cryptocurrencies. We cannot emphasise this enough,” he said.

Mr Heng was speaking at the opening of the second Asia Tech Singapore summit.

Singapore Deputy Prime Minister Heng Swee Keat

He noted crypto assets have gathered attention due to their fast growth in recent years and promises of high returns.

But he also spoke of the crash of Terra Luna which saw many retail investors suffer heavy losses.

“We must pierce through both the hubris and the veil of suspicion to understand the potentially transformative underlying technologies,” he said. “Let us not throw out the baby with the bathwater.”

“We remain keen to work with blockchain and digital asset players to encourage innovation, and build up trust in the sector,” he added.

Mr Heng said crypto assets are part of a new wave of emerging digital technologies and has pledged to keep an open mind.

Ahron Young is an award winning journalist who has covered major news events around the world. Ahron is the Managing Editor and Founder of TICKER NEWS.

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Business

A British digital currency “later this decade”

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The Bank of England and Britain’s finance ministry think the UK is likely to need to create a central bank digital currency later this decade.

“On the basis of our work to date, the Bank of England and HM Treasury judge that it is likely a digital pound will be needed in the future,” the Telegraph quoted BoE Governor Andrew Bailey and finance minister Jeremy Hunt as saying in the joint report.

“It is too early to commit to build the infrastructure for one, but we are convinced that further preparatory work is justified,” the Telegraph quoted the report saying.

The BoE declined to comment on the Telegraph article, but said a joint consultation on CBDC issues would be published shortly.

A government source said the report would be published next week.

BoE Deputy Governor Jon Cunliffe is due to give a speech on Tuesday to update the finance industry on the BoE’s CBDC work.

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Crypto

Sam Bankman-Fried attempting to resolve bail conditions dispute

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Sam Bankman-Fried is in talks with U.S. prosecutors to resolve a dispute over his bail conditions

The 30-year-old former billionaire has been blocked from contacting employees of FTX or his Alameda Research hedge fund, after prosecutors raised concerns he may tamper with witnesses.

Bankman-Fried has pleaded not guilty and is under house arrest at his parents’ California home.

Once worth an estimated $26 billion, Bankman-Fried was arrested in December after FTX collapsed.

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Crypto

Crypto heists in 2022 totalled $3.8 billion

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Last year was the worst on record for cryptocurrency heists, with hackers stealing as much as $3.8 billion, led by attackers linked to North Korea

A Chainalysis report found hacking activity that “ebbed and flowed” throughout the year, with “huge spikes” in March and October.

October was the biggest single month ever for cryptocurrency hacking, with $775.7 million stolen in 32 separate attacks.

North Korea-linked hackers such as those in the cybercriminal syndicate Lazarus Group have been by far the most prolific cryptocurrency hackers, stealing an estimated $1.7 billion worth of in multiple attacks last year.

North Korea has denied allegations of hacking or other cyberattacks.

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