Singapore Considers Caning as Punishment for Crypto Fraudsters
In an effort to combat financial crimes and protect citizens from crypto-related scams, Singaporean authorities are considering adding caning to the list of punishments for convicted fraudsters.
Singapore has seen a surge in cryptocurrency scams, with fraudsters exploiting digital assets to evade banking oversight. Minister of State for Home Affairs Sun Xueling recently stated that stricter penalties—including corporal punishment—are being explored to deter financial crimes.
Speaking during a parliamentary budget debate on Tuesday, Xueling cited data showing that crypto scams accounted for a quarter of all fraud-related losses in the region last year. Criminals have been luring victims into converting money into digital assets before siphoning funds away through phishing scams and malware attacks.
Member of Parliament Tan Wu Meng (Jurong GRC) argued that current punishments for fraud and money laundering are too lenient. He proposed legal amendments that would introduce mandatory caning for severe financial crimes.
Tan highlighted an inconsistency in Singapore’s legal system, noting that loan shark runners handling $10,000 in illicit funds can be caned, whereas fraudsters stealing $100,000 or more do not face the same level of punishment. Sun acknowledged that fraud-related convictions already result in jail time but confirmed that authorities are assessing whether caning should be applied in specific financial crime cases.
To address the rising threat, Singapore recently passed the Protection from Scams Act, which allows law enforcement to temporarily freeze transactions linked to suspected scams. The law is expected to take effect later this year.
Caning, a severe form of corporal punishment, is currently used in Singapore for crimes such as drug offenses and violent assaults. If implemented, this measure could set a new precedent for financial crime deterrence in the region.
