Trusted crypto literacy sought to protect consumers vs scams: Independent Reserve

Consumers should take deeper evaluation into their investment plans.

The Monetary Authority of Singapore (MAS) could allow regulated crypto exchanges and industry players to create a trusted platform that will promote crypto literacy, urged Independent Reserve, a regulated exchange for cryptocurrency investors.

“Providing legitimate sources of information can help consumers to safeguard themselves against online falsehoods, one of the key causes in retail customers falling prey to crypto scams and other unsavoury schemes,” said Independent Reserve.

This stemmed from the MAS’ additional measures to protect retail investors from cryptocurrency risks.

“We welcome MAS' proposed checks and balances that are designed to protect retail investors and provide assurance to those who are genuinely interested in cryptocurrencies. Given the fact that cryptocurrency is borderless, imposing an outright ban or restricting the information is counterintuitive,” said Independent Reserve.

Amidst this new development, Independent Reserve said investors should evaluate first the assets they want to invest in during crypto winter.

“But above all, investors themselves need to pause and confront their risk appetites and their own investment objectives before making a commitment. Investors themselves could also use this crypto winter to take a deeper dive into the asset classes they are planning to invest in,” read the statement.