SINGAPORE - Singapore is open to digital asset innovation, but it is not open to crypto speculation at all, Deputy Prime Minister and Finance Minister Lawrence Wong said on Thursday.a strong stance against such speculation“We were on the right track to go big on digital assets innovation, which is an important enabler and something that potentially can transform financial markets, cross border payments, settlements, capital markets,” he said.
“Even before FTX happened, we had put out a consultation paper on tightening regulatory rules around this aspect – on crypto trading, on retail investors’ access to crypto,” said Mr Wong. Asked if the collapse of FTX was a necessary shakeout for the crypto industry and part of the market’s maturing process, Mr Wong said: “Partly. But in the FTX case, there are very serious allegations that amount to potential fraud even. So it’s not just about its governance, it’s a whole range of issues. We’ll have to see what happens with the investigations. But I think there was a bit of a bubble and now we’re starting to see some shaking out as well.
“We shouldn’t have any illusions that this one meeting will have changed things overnight because there have been such deep suspicions and distrust built up over so many years,” he said. “But having said that, for China, Taiwan is a red line, and President Xi made it as clear as possible to President Biden. It’s in fact the redness of red lines because, for China, Taiwan is about sovereignty, it’s about territorial integrity,” he added.
But didn't temasek just drop $250M or something into FTX?
Surely the lack of due diligence by temasek shows this was speculation... I mean John J. Ray III can find out all that stuff in 1-2 weeks and those highly paid Temasekians didn't find ANYTHING in 8 months? Sure $275m is small % of AUM. It's still $275m...
FTX is not ?
People who speculated will get it and they did!
Aka they only want money they can control to enslave the people
Rules for thee (peasants) but not for me.