25 Aug 2017
ISCA CEO, Mr Lee Fook Chiew, was interviewed by The Business Times on the question of "What role, if any, do you see crypto-currencies playing in the financial system of the future?" This is what he has to share:
As a new-age currency, the value of a cryptocurrency is highly dependent on the public's perceived value and it can be manipulated by corrupt individuals. In addition, as public awareness and scrutiny of cryptocurrencies is still at a nascent stage, the instruments may be used for fraudulent transactions. This can potentially lead to an increase in cybercrimes. Besides those in the financial sector, professional accountants, regulators and enforcement agencies need to keep abreast of the types of financial crimes relating to cryptocurrencies; the regulatory requirements and sanctions; as well as its associated risks. Being well-equipped with practical knowledge in the areas of digital forensics and financial investigation would be necessary to effectively identify, interpret and analyse evidence for reporting, litigation support or case resolution. - Lee Fook Chiew, Chief Executive Officer, Institute of Singapore Chartered Accountants (ISCA)
This article was first published in "Views From the Top" in The Business Times on 21 August 2017.
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