The government is considering this option to combat financial crimes and protect citizens from cryptocurrency fraud.
Updated March 5, 2025, 18:16 UTC Published March 5, 2025, 18:15 UTC
What you should know:
- Singapore is considering introducing tougher penalties, including caning, to combat cryptocurrency scams.
- Such schemes have caused considerable concern in Singapore as criminals increasingly use digital assets to bypass banking controls.
- An MP has proposed changes to the law to make caning mandatory for serious financial offences, citing the lack of severity of existing measures.
Disclaimer: The information in this article has been translated using artificial intelligence from a foreign source.
Have you fallen victim to crypto scams? Now, in addition to fines and jail time, authorities can also beat you with sticks — at least that’s what’s being considered in Singapore.
Cryptocurrency fraud has become a major concern for the Singapore government as criminals increasingly use digital assets to evade banks. Minister of State for Home Affairs Sun Xueling said authorities are exploring tougher penalties, including caning, to deter financial crimes.
During parliamentary budget discussions on Tuesday, first reported by major Chinese-language news outlet Lianhe Zaobao, Xueling noted that crypto scams accounted for a quarter of all fraud losses in the region last year. Criminals tricked victims into converting money into digital assets before transferring them, while others used malware and phishing techniques to empty their victims’ crypto wallets.
MP Tan Oo Meng (Jurong GRC) said Singapore's punishments for fraudsters and money mules were too lenient and proposed amending the law to “introduce mandatory caning for serious crimes”.
The MP noted that loan shark couriers who handle $10,000 in illicit funds could be caned, while fraudsters who steal $100,000 or more would be spared. Sun added that while fraud cases already lead to jail time, authorities are considering adding caning to the list of punishments for certain financial crimes.
To combat the growing threat, Singapore recently passed the Fraud Protection Act, which gives police the power to temporarily block transactions of suspected fraud victims. The law is expected to come into effect later this year, according to the news outlet.
It should be noted that caning is a form of corporal punishment used in Singapore for various offences.
