Reply to Parliamentary Question on Public's Retail Exposure to Digital Payment Token Service Providers
QUESTION NO 2113
NOTICE PAPER 1336 OF 2022
FOR WRITTEN ANSWER
Date: For Parliament Sitting on 12 September 2022
Name and Constituency of Member of Parliament
Mr Derrick Goh, MP, Nee Soon GRC
To ask the Prime Minister what is the current percentage of the public’s retail exposure to digital payment token service providers licensed by MAS.
Answer by Mr Tharman Shanmugaratnam, Senior Minister and Minister in charge of MAS:
1.Data on the total cryptocurrency holdings of the Singapore public are not available, as these involve transactions with both Singapore-based and overseas service providers. It is therefore not possible to determine the proportion of cryptocurrency holdings that the public has obtained through MAS-licensed DPT service providers.
2.MAS has continued to reiterate its warnings that retail investors should not trade in cryptocurrencies. The prices of cryptocurrencies fluctuate wildly and investors stand to lose all the monies they have put into cryptocurrencies.