Singapore Deputy PM: Singapore has no plans to become a hub for cryptocurrency activity

12/02 15:36

Lawrence Wong, Singapore's Deputy Prime Minister and Minister for Finance, said in response to a question from MPs in the country's parliament on 30 November that well-run and well-managed cryptocurrency platforms are not immune to collapse due to the volatility of cryptocurrencies and the fact that they have no intrinsic value. Those who engage in cryptocurrency trading must be prepared to lose all value, no amount of regulation can eliminate this risk, and the government and MAS have distinguished the development of an innovative and responsible digital asset ecosystem from cryptocurrency speculation, which they discourage the retail public from participating in. Wong noted that Singapore has no plans to become a hub of cryptocurrency activity, but rather focuses on being an innovative and responsible player in digital assets. Early predictions proved to be overly optimistic and it is unclear whether blockchain technology will go beyond limited use cases to become a game changer for a wide range of industries.
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