Singapore officials have cautioned people to make responsible decisions on digital investment vehicles such as NFTs and metaverse assets as the country looks to embrace cryptocurrencies in a measured way, Bloomberg reported.
The warning comes as regulators around the world look to exercise greater control over digital investments. In Hong Kong, authorities are shifting from an “opt-in” approach for cryptocurrency exchanges to a fully regulated sector.
Josephine Teo, Singapore’s minister for communications and information, said the country’s government is “closely studying” the characteristics and risks of technologies like blockchain, decentralized finance, NFTs, and the metaverse.
Last month, Binance Asia Service, the Singapore entity of crypto exchange Binance, withdrew its application for a cryptocurrency exchange license in the city-state. It is set to close its operations in Singapore by February 13.
See also: Meet Singapore’s pioneering NFT creators
Editing by Miguel Cordon and Lorenzo Kyle Subido
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