Users call for more regulation after state fund writes off investment in fallen cryptocurrency exchange.
Carol Lim started investing in cryptocurrency during the pandemic. The 52-year-old was hoping to make enough money to retire in the next few years.
"The core of the problem is that there is some misunderstanding amongst regulators. They want to attract businesses to their jurisdiction, but you need to regulate in such a way that consumers are safe," says Michael Gronager, CEO and co-founder of blockchain analysis firm Chainalysis. "We will see fraud, fast money in the industry - that's no surprise. We see it in the internet, we see it in all sorts of traditional industries," Mr Gronager says.
"Singapore wants to be a hub for Web3 , and then simultaneously says: 'Oh, we're not really going to allow retail trading or self-hosted wallets to be available," he said at the Singapore FinTech Festival in November.Singapore's government says it remains enthusiastic about crypto and still wants to become a virtual-asset hub, with a focus on the business and administrative side of blockchain technology.
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