In response to the rise in financial crimes involving digital currencies, Singapore’s Ministry of Home Affairs is considering implementing stricter penalties such as whipping for offenders in this field. During a parliamentary budget review session, Sun Xueling, the Minister of Home Affairs, revealed that digital currency scams accounted for 25% of total financial fraud losses last year. Tan Wu Meng, a Singaporean parliament member, criticized the leniency of current punishments for digital currency scammers and called for legal reforms and the execution of whipping penalties for major crimes in this area. According to the parliament member, while petty thieves engaging in illegal transactions of $10,000 are subject to whipping penalties, digital currency scammers stealing over $100,000 are exempt from this punishment.
