, Singapore

Wong says SG had plans to tighten rules on crypto even before FTX bankruptcy

Singapore is open to digital innovation but not crypto speculation.

Following the recent bankruptcy involving FTX, a crypto exchange, Deputy Prime Minister Lawrence Wong underscored their plans to put up stricter regulations on cryptocurrency trading.

He said the crypto market’s situation has “reinforced” their views that the Lion City is on the right track to invest in digital assets innovation. News surrounding the crypto market showed that FTX owed at least $3b from its creditors.

“A lot of potential there. But we have said this for a long time, even when people criticise us for saying that, which was that we need to take a strong stance against crypto speculation and trading, especially by retail investors,” Wong told Bloomberg in an interview.

“So 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,” he added.

Whilst Singapore introduced consultation papers and review on rules for crypto, Wong said they will continue to embrace the innovation offered by digital assets.

“We are open to digital innovation and digital asset innovation, but we are not open to crypto speculation at all,” he said.

Wong said the FTX case also uncovered serious allegations of potential fraud, which will open up a range of issues.

Follow the links for more news on

Join Singapore Business Review community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Top News

Singapore net inflows hit $263.18m in 3Q23
Equity and fixed-income funds reported inflows during the quarter.
OCBC enables customers to lock money in their accounts
Locked funds cannot be used for payments, investments, and ATM withdrawals.


Italy brings its strong suits to Singapore’s fintech expo
Italian trade executive says 9 firms at the Singapore Fintech Festival 2023 exemplify the diverse range of products and expertise Italy can bring to the table.
Trust Bank sets the bar for digital banking in Asia Pacific
The digital bank targets to be Singapore's fourth largest retail bank, CEO Dwaipayan Sadhu said.
How brands can avoid inauthentic nostalgia marketing
A GlobalData expert flag inauthenticity in using throwback marketing and cite brand campaigns that are winning hearts.