When it comes to crypto, there are three camps: the Crypto Bros, the staunchly anti-Crypto, and the “I can’t be bothered to understand this”.
And for all of them, the FTX collapse draws simply these two reactions: “I told you so” and “What?”
What Collapse?
One of the largest cryptocurrency exchanges in the world, FTX has made flashy headlines adorned with head-turning words like “scandal”, “lawsuit” and, most importantly, “bankruptcy”.
Advertisements
In recent weeks, it has filed for bankruptcy with a Reuters report finding at least US$1 billion (S$1.4 billion) of client funds were missing at FTX. This has sent shockwaves in the crypto industry, sending bitcoin and other digital assets plummeting.
Consequently, FTX founder and former chief executive Sam Bankman-Fried said he had expanded the business too quickly and failed to notice red flags.
A tweet from him on Tuesday stated that his main goal was “to do right by customers” and that he was meeting with regulators for that.
Singapore’s Response
Deputy Prime Minister and Finance Minister Lawrence Wong was quick to use the collapse of FTX to further Singapore’s stance against crypto speculation and trading.
On Thursday at the Bloomberg New Economy Forum, he alluded to this collapse, saying that recent developments in the crypto market reinforced Singapore’s position that it was “on the right track” to “go big” on digital asset innovation while “not [being] open to crypto speculation at all”.
Additionally, he said that the collapse of FTX has raised “very serious allegations that amount to potential fraud”.
Basically, Singapore is okay to go digital with IT bros, but not okay to go crazy with crypto bros.
Singapore Against Crypto
And this isn’t new.
Advertisements
Singapore has long held a strong stance against crypto. As Mr Wong said, “We need to take a strong stance against crypto speculation and trading, especially by retail investors.”
In fact, prior to the collapse of FTX, Singapore had issued a consultation paper on tightening regulatory rules on crypto trading and retail investors’ access to crypto.
You can watch this video to know more about the purposed rules:
Indeed, Singapore views crypto trading with an incredibly wary lens and intends to continue exploring tighter regulatory rules around it. The collapse of FTX will certainly serve as a cautionary tale and adds weight to Singapore’s position.
Mr Wong has said that Singapore “will review the rules that are necessary” but it will “continue to embrace innovation around digital assets which we think has tremendous potential”.
Advertisements
Read Also:
- Wife of Beach Road Murder Suspect Had Allegedly Reported Him to the Police After He Confessed to Her
- Malacca Explains Why They Claim They’re Having Disneyland When We Know They’re Not
- Cleaner in China Earns So Much, She Bought 2 Houses & 2 Cars
- Everything About Artbox 2023, Which Now has an Admission Fee & Will Be Air-Conditioned
- Amazon Has Started Laying Off People & Might Continue Until Early 2023
Featured Image: YouTube (Bloomberg New Economy)
Here’s what NCMPs are, and what to expect after GE2025:
Read Also:
- Quan Yifeng Disputes Addy Lee’s S$300K Monthly Earnings Claim in Escalating Social Media Showdown
- Mexican TikTok Star Valeria Márquez, 23, Shot Dead during Live Broadcast at Her Zapopan Salon
- GE2025 Overseas Votes Counted: Chee Soon Juan Wins More Votes Than PAP in Sembawang West
- Eleanor Lee Loses More Than 41,000 Followers across Three Platforms as Drama Plans S$3.62 Million AI Replacement
- Bride-to-Be Jailed 10 Months for E-Wallet Fraud to Pay Loan Shark “Processing Fees” for Her Wedding Loan
- E-cigarettes Found in Car After Fatal Crash with Bus in Punggol that Killed Female Passenger
- Maid Who Stabbed Employer’s Mother-in-Law 26 Times Wins Appeal Against Life Sentence
