Singapore Deputy Prime Minister Repeatedly Warns to Stay Away from Cryptocurrency, Mentioning Luna

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Singapore's Deputy Prime Minister recently mentioned the massive crash of the Korean cryptocurrency Luna and its sister coin TerraUSD (UST), stating that "individual investors should stay away from cryptocurrencies," according to a report by CNA on the 31st. Singapore is home to Terraform Labs, the company behind the Luna and UST crash.

At the 'Asia Tech × Singapore 2022 Summit' held in Singapore that day, Deputy Prime Minister Heng Swee Keat said, "We must ensure that regulations promote innovation while continuously adjusting rules to address the significant risks posed by crypto assets."

He added, "In the recent TerraUSD (UST) and Luna crash, which triggered a chain reaction affecting Bitcoin and other cryptocurrencies, many investors suffered losses, with some even losing their retirement savings."

He emphasized, "Especially individual investors should keep their distance from cryptocurrencies. This cannot be stressed enough."

However, Deputy Prime Minister Heng noted that the digital asset ecosystem is not solely composed of cryptocurrency trading, and Singapore intends to continue collaborating with blockchain and digital asset companies to encourage innovation and build trust in the sector.

Meanwhile, Luna and UST plunged sharply this month amid a sell-off, causing significant losses for investors worldwide.