Singapore Considers Caning as Punishment for Crypto Fraud Offenses
The Singaporean government is exploring harsh penalties, including caning, to combat the rise of cryptocurrency fraud.
Singapore Considers Caning as Punishment for Crypto Fraud Offenses
The Singaporean government is exploring harsh penalties, including caning, to combat the rise of cryptocurrency fraud.
Highlights:
- Singapore is contemplating stricter penalties, such as caning, to deter crypto scams.
- These scams are increasingly prevalent, with fraudsters exploiting digital assets to evade banking oversight.
- A Member of Parliament has proposed changes to the law to enforce mandatory caning for severe financial crimes, citing the leniency of current penalties.
Disclaimer: The information in this article was translated using artificial intelligence from a foreign source.
Have you committed crypto fraud? Now, in addition to fines and jail time, authorities can also subject you to caning—at least, that’s what’s reportedly under consideration in Singapore.
Cryptocurrency scams have raised alarms for Singapore’s government as these schemes utilize digital assets to bypass traditional financial checks. During a recent budget debate, Sun Xueling, the Minister of State for Home Affairs, announced that the nation plans to intensify penalties—including caning—to combat financial misconduct.
Accoding to reports, crypto-related scams accounted for 25% of all fraud losses in the previous year in Singapore. Offenders have used various tactics, including tricking victims into converting money into digital assets and employing malware and phishing to access crypto wallets.
Tan Wu Meng, a parliamentary member from Jurong GRC, noted that penalties for fraudsters and money mules are too lenient and has suggested legal reforms mandating caning for serious crimes. He pointed out the inconsistency whereby loans sharks facing legal action can be caned for handling $10,000 in illicit funds, while those guilty of defrauding victims of $100,000 or more escape such penalties.
In response to the rising problem, Singapore recently passed the Protection from Scams Act, which empowers the police to temporarily halt transactions involving suspected scam victims. The new law is anticipated to be implemented later this year.
Furthermore, caning is a corporal punishment already enforced in Singapore for various infractions.
