Singapore Considers Caning as Punishment for Cryptocurrency Fraudsters
Singapore is considering stricter penalties for cryptocurrency fraud, potentially including caning. Key points include:
- Cryptocurrency scams accounted for 25% of all fraud-related losses in Singapore last year.
- Fraudsters use digital assets to evade banking oversight through tactics like malware and phishing.
- Minister of State for Home Affairs, Sun Xueling, indicated that authorities are exploring harsher punishments.
- Member of Parliament Tan Wu Meng proposed mandatory caning for severe financial crimes, highlighting disparities in punishment severity.
- Singapore has enacted the Protection from Scams Act, allowing police to restrict transactions for suspected victims; it will take effect later this year.
Caning is a corporal punishment currently used in Singapore for various offenses.