# MAS cautions public against fraudulent websites soliciting crypto investments By Shampa Mani Canonical URL: https://www.tokenpost.com/news/regulation/1189 Published: 2019-01-31T06:26:33.000Z Updated: 2019-01-31T06:26:33.000Z Section: Regulation > The Monetary Authority of Singapore (MAS) has issued a warning against fraudulent websites that are soliciting cryptocurrency investments. The Monetary Authority of Singapore (MAS) has issued a warning against fraudulent websites that are soliciting cryptocurrency investments. In an [announcement]() dated January 29, the MAS cautioned the public against websites that are misleading people by using fabricated information attributed to the government. It said: “These websites falsely claim that Singapore is adopting a cryptocurrency as its official coin. They also claim that a firm has been appointed exclusively to market this cryptocurrency. The sites ask readers to provide their personal and financial details to purchase the cryptocurrency. “This is a scam and members of the public should avoid providing any financial or personal information on the forms linked from the websites.” In September 2018, the MAS had issued [two]() [such]() warnings against fraudulent websites soliciting cryptocurrency investments. The MAS is also working towards introducing a regulatory framework for cryptocurrency exchange services in the country. During the [second reading]() of the “Payment Services Bill” earlier this month, Ong Ye Kung, Minister For Education, on behalf of Tharman Shanmugaratnam, Deputy Prime Minister and Minister-In-Charge of the MAS, said: “We will be among the first few financial services regulators in the world to introduce a regulatory framework for digital payment token services, or what are commonly understood as cryptocurrency dealing or exchange services.” ## Links in this article - [announcement](http://www.mas.gov.sg/News-and-Publications/Media-Releases/2019/Warning-on-Fraudulent-Websites-Soliciting-Cryptocurrency-Investments.aspx) - [two](http://www.mas.gov.sg/News-and-Publications/Media-Releases/2018/Warning-on-Fraudulent-Website-Soliciting-Bitcoin-Investments.aspx) - [such](http://www.mas.gov.sg/News-and-Publications/Media-Releases/2018/Second-Fraudulent-Website-Soliciting-Bitcoin-Investments.aspx) - [second reading](https://tokenpost.com/Monetary-Authority-of-Singapore-seeks-to-introduce-regulation-for-cryptocurrency-exchange-services-1077)