Singapore officials warned people chasing digital investment opportunities like non-fungible tokens and metaverse assets to exercise caution and participate"responsibly” – a recommendation that mirrors the city-state’s own balancing act as it promises to embrace crypto, but in a measured way.
"Similar to the physical world, the Government will seek to balance between promoting economic vitality, preserving social stability and protecting public security in the digital domain,” Iswaran said. He called on individuals and companies to"play their part by participating responsibly in the metaverse.”
However, it’s also approaching the emerging technology with caution: Few applications for licenses to operate a regulated crypto business have been approved, and the vetting process has taken longer than expected. Among companies that failed to secure a coveted permit was an affiliate of Binance Holdings Ltd., the world’s largest cryptocurrency exchange.
Member of Parliament Shahira Abdullah said Singaporeans have lost more than US$100,000 on one"gaming craze” called Neko Inu, without specifying whether that was an aggregate amount.
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