Singapore's Deputy Prime Minister: Taking a tough stance on cryptocurrency speculation, tightened policies before the FTX incident

ChainCatcher news, according to Channel News Asia, Singapore's Deputy Prime Minister Lawrence Wong stated in an interview during the Bloomberg New Economy Forum that Singapore maintains an open attitude towards digital innovation and digital asset innovation, but "will fundamentally not be open to crypto speculation." Even in the face of criticism, a firm stance must be taken against crypto speculation and trading, especially concerning retail investors.

In addition, Singapore had already released a consultation document on tightening cryptocurrency trading regulations and the use of cryptocurrencies by retail investors even before the FTX incident. (source link)