Singapore Deputy Prime Minister Lawrence Wong said in an interview during the economic forum that we are open to digital innovation and digital asset innovation, but we will not be open to crypto speculation at all.
Being on the right path in terms of digital asset innovation is an important enabler that I think could change financial markets, cross-border payments, settlements, capital markets, there’s a lot of potential there.
However, we have said for a long time, even if people criticize us for saying this, that we need to take a strong stance on crypto speculation and trading, especially retail investors.
So, even before FTX happened, we had published a consultation paper on strengthening the regulatory rules around this — about cryptocurrency trading, about retail investor exposure to cryptocurrencies.