Lawrence Wong – Deputy Prime Minister of Singapore – said major local financial institutions have “insignificant” exposure to cryptocurrencies and digital asset companies.

As such, the gigantic crash of FTX earlier this month is likely to have a minor impact on the domestic financial network, he added.

Singapore’s Deputy Prime Minister – Lawrence Wong – stated that its consequences should not be that bad for the city-state’s economy. He added that most big domestic monetary institutions have not jumped on the crypto bandwagon, preventing them from registering losses during the latest market plunge.