The Financial Services Commission (“FSC”) issued a communiqué to warn potential investors on the risks associated with Virtual Asset Service Providers (“VASPs”) and Issuers of Initial Token Offerings (“ITOs”) which are not licensed or registered as per the Virtual Asset and Initial Token Offerings Services Act 2021. The FSC urges the general public to exercise caution while investing or trading in Virtual Assets and Virtual Tokens, considering the incumbent risk of being scammed or defrauded by unregulated VASPs or unregistered ITOs.

Read more in the official communiqué issued by the FSC HERE.