Bitcoin is a digital currency that operates free of any central control or the oversight of banks or governments. Bitcoin was created as a way for people to send money over the internet. The digital currency was intended to provide an alternative payment system that would operate free of central control but otherwise be used just like traditional currencies. It came to light in 2009 after Satoshi Nakamura sent a unique page-long study on using cryptocurrencies as a means for future transactions using the Internet. Bitcoin became the world’s best avenue for cross-border purchases and commerce without limitations. With cross-border fees from typical digital and bank-based payment services increasing, Singaporeans and people worldwide found an alternative to cut out the unnecessary middleman. Cryptocurrencies and Bitcoin grew to fame almost a decade afterward. During the craze the enormous rally brought, many people dove into and studied cryptocurrencies. Unfortunately, these included a considerable number of unwitting investors, who fell into the jaws of Bitcoin and cryptocurrency scammers.
Is Bitcoin Legal In Singapore?
The Monetary Authority of Singapore has taken a progressive approach to the entire Bitcoin issue. Rather than outright stating that Bitcoin is illegal, they have sounded a cautionary note about the currency, leaving the onus to be on the user himself. In 2019, the Monetary Authority of Singapore (MAS) launched the Payment Services Act, which regulates cryptocurrency, or digital payment tokens (DPT) service providers for money-laundering and terrorism financing risks. More recently in Jan 2021, MAS announced the Payment Services (Amendment) Bill, which requires any entity that facilitates the transmission, exchange, or custody of cryptocurrencies to be licensed and comply with a wider set of rules and regulations. One such consequence of the Payment Services Act is that crypto exchanges now have to impose a stock limit of $5,000 for individual accounts.
Why Should Invest On Bitcoin In Singapore?
There is no doubt that cryptocurrencies are gaining in popularity among retail investors and institutions. Within the last year, the regulation and approach to Bitcoin and other cryptocurrencies in Singapore has evolved with the implementation of the Payment Services Act. This basically provides an operating framework within which companies operating and providing Bitcoin and crypto services are regulated and licensed under MAS. The act also serves to support the development and use of various KYC and AML processes. Overall, it can be said that Singapore takes a very balanced, and friendly approach to Bitcoin and crypto in general while also ensuring a safe, secure trading environment for you to participate in.
How Common Is A Bitcoin Scam In Singapore?
Singapore has become one of the most crypto-dominant countries in the world. A lot of Singaporeans now use cryptocurrency wallets instead of hard cash which tells how much digital currency investing and trading are prevalent in that country. It is also a major reason why you will see many bitcoin scams happening in Singapore. There is no official number to indicate the exact amount of people who became victims of these kinds of frauds. It wouldn’t be too surprising to say that the amount is on the higher side. What’s more, the use of these cryptocurrency wallets continues to grow, which is a good and a bad thing considering that these scams are happening more frequently than ever before.
Is Scammed Cryptocurrency Or Bitcoin Recover In Singapore?
Ken Choo was a victim of a cryptocurrency investment scam, but he was lucky enough to have recovered all the loss to the fraudulent crypto investment scheme. Like most other victims, he was lured into the scheme on a popular social media platform known as Telegram. He initially invested $63k, but as he watched his investment “grow” within a very short time, he was encouraged to invest more. He maxed his bank account and credit card on the investment with the hope of getting good ROI in no distant future. This is one of the Success story of recovering scammed bitcoin in Singapore. If you have lost your money to a cryptocurrency scam in Singapore and are thinking if there is a way to recover your money, well, you are in luck. Money-Back is a well-recognized online service that helps people track online scamming companies in order to recover their money. A lot of scammed people have benefitted from Money Backs services and have been able to get the money that they lost due to fraudulent activities from a blockchain wallet or any other online trading platform.
As the cryptocurrency industry is still in its infancy and quite complex, investing in cryptocurrency has become a hunting ground for scammers to con new investors. So You must be aware of any investment in bitcoin in Singapore.