Disclaimer: The information in this article was translated using artificial intelligence from a foreign source.
Have you committed crypto fraud? Now, in addition to fines and imprisonment, the authorities can also expose you to canned – at least that’s what is allegedly considered in Singapore.
Cryptocurrency has become a major problem for Singapore’s government, where scammers are increasingly using digital assets to bypass banking. Prime Minister of Domestic Affairs Sun Xueling said the authorities are investigating stricter penalties – including Caning – to deter financial crimes.
During a parliamentary budget debate on Tuesday, reported first by the major Chinese-linguistic Singaporic news output Lianhe Zaobao, Xueling noted that Crypto Scams accounted for a quarter of all fraud-related losses last year for the region. Criminals fooled victims to convert money to digital assets before transferring them, and others used malware and phishing tactics to drain the victims’ crypto -draw books.
Member of Parliament Tan Wu Meng (Jurong GRC) claimed that Singapore’s sanctions for scammers and money -mules are for relaxed and proposed legal changes to “enforce mandatory can for serious crimes.”
MP pointed out that Loan Sharks’ runners handling $ 10,000 in illegal funds can be postponed, while scammers stealing $ 100,000 or more cannot. Sun added that although fraud cases are already resulting in prison sentences, authorities are considering adding canned to the list of penalties for certain financial crimes.
In order to counter the rising threat, Singapore recently adopted the protection from the scam law and gave the police power to temporarily limit transactions from suspected fraudsters. According to the news site, the law is expected to take effect later in the year.
Caning, it is worth noting, is a form of company punishment enforced in Singapore for different offenses.
