SINGAPORE - Crypto assets like cryptocurrencies and non-fungible tokens (NFTs) are constantly evolving and highly risky but have the potential to transform the future of finance, Deputy Prime Minister Heng Swee Keat said on Tuesday (May 31).
He warned that retail investors should steer clear of cryptocurrencies even as Singapore adapts its rules to address the key risks that crypto assets pose.
"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 x Singapore summit at The Ritz-Carlton Millenia Singapore hotel in Marina Bay, organised by the Infocomm Media Development Authority.
He noted that crypto assets have gathered much interest due to their phenomenal growth and promises of high returns and, more recently, the crash of Terra Luna, which caused many investors to suffer heavy losses and triggered knock-on effects on Bitcoin and other cryptocurrencies.
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