Lawrence Wong, the Deputy Prime Minister of Singapore and Minister of Finance, has taken cognizance of the turmoil caused by FTX’s fraudulent business activities. He said, “And we’ve said this for a long time, even when people criticized us for saying that, which was that we need to take a strong stance against crypto speculation and trading, especially by retail investors.” 

Minister Wong clarified that Singapore is open to digital and digital asset innovation, but crypto-speculation is where the country draws the line. Minister Wong revealed that Singapore has been looking to tighten the regulatory rules around crypto-trading and retail access to this market before the FTX saga unfolded. A consultation paper is in the works for the same. It will review regulations and rules for this industry.