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Public education is the best protection for crypto customers

Singapore's Deputy Prime Minister and Finance Minister Lawrence Wong said that regulation will not stop Singapore retail investors from using overseas crypto exchanges to invest in cryptocurrency. Instead, the focus will be on reasonable regulations with learning from recent experiences and continued reminders and public education. Wong said the proposed measures for digital payment token players cannot stop crypto platforms from collapsing or customer losses. Wong said that cryptocurrency platforms can collapse due to fraud, unsustainable business models, or excessive risk-taking. Well-run and managed cryptocurrency platforms are also not immune to a collapse, due to the volatile nature of cryptocurrencies, coupled with them having no intrinsic value. Wong warned those who trade in cryptocurrency that they must be prepared to lose all their value, adding that no amount of regulation can remove that risk.

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