Jumping on the anti-Bitcoin bandwagon on December 20th, the Monetary Authority of Singapore (MAS), is the latest in a clutch of financial institutions to issue a statement alerting consumers to the risks involved in cryptocurrency investment. A warning issued on December 18th by the head of Denmark's central bank against 'deadly' bitcoin investments came hard on the heels of earlier announcements in a similar vein, from the Central Bank of Russia and the Reserve Bank of India.

MAS, a fiscal watchdog effectively acting as Singapore's central bank, had already expressed concern in August of 2017 about the dangers of ICO investment, pointing out that any transactions with entities not covered by MAS regulations would forfeit their legal protection.

In the December statement, MAS refers to the recent frenzy of speculative trading activity in the market for cryptocurrencies, and advises the public to act with 'extreme caution' when contemplating any investments in bitcoin or similar digital currencies. The statement also emphasises the same lack of regulation for cryptocurrencies that it previously cited for ICOs, and underlines the warning that investors in such currencies stand at risk of incurring losses, as these currencies do not constitute legal tender in Singapore.