Singapore’s Deputy Prime Minister LawrenceWongST pushed back on calls for more guidelines and safeguards over state fund Temasek's FTX investments, saying there was “no need for additional audit requirements.” By lavender_au and iamsandali
with a series of questions about crypto regulation and the potential impact of FTX’s demise on the broader economy.
Wong, who is also deputy chairman of the country’s central bank, reiterated that the IAL targets crypto companies that solicit Singapore customers without a requisite license. Singapore made up 6% of FTX’s global customer distribution, according to a chart shown during FTX’s bankruptcy hearing. Wong said on Wednesday that the MAS does not have data on the “number of retail users of FTX.”There Was No Cause to Add FTX to Investor Alert List Before Collapse, Singapore's MAS Says
He pushed back on calls for more guidelines and safeguards over Temasek investments, saying that there was “no need for additional audit requirements or Parliamentary Committees,” and that the boards should be insulated from political pressure.“The occurrence of investment losses does not in itself imply that the governance system is not working. Rather, this is the nature of investment and risk-taking,” Wong said.
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