The Monetary Authority of Singapore (MAS) said it is unable to determine the proportion of cryptocurrency holdings by the general public in the city-state as these include transactions with both Singapore-based as well as overseas service providers.  

See related article: Singapore’s MAS says needs to do better job explaining crypto policy

Fast facts

  • “Data on the total cryptocurrency holdings of the Singapore public are not available,” Tharman Shanmugaratnam, minister in charge of MAS, said in a reply to a parliamentary question. 
  • He said it is not possible to determine how much cryptocurrency holdings Singapore’s public has obtained through MAS-licensed DPT (Digital Payment Token) service providers as these transactions involve overseas service providers as well. 
  • But he warned that the general public investing in cryptocurrencies “stand to lose all the monies they have put into cryptocurrencies” as prices fluctuate “wildly.”
  • The central bank has consistently warned Singapore’s general public against trading in cryptocurrencies and even said that cryptocurrencies have no fundamental value
  • MAS moved to discourage retail trading by restricting crypto advertising in public areas, while stressing it intends the island nation to be at the forefront of digital asset innovation.

See related article: How a market slump may be helping Singapore’s stance against retail crypto