- FTX’s collapse caused great losses to Temasek, a Singaporean holding company.
- Based on Wong, Singapore’s status continues to be broken.
- Further, Singapore promises to implement protection measures because of its investors.
The Collapse of the most popular crypto exchange FTX, has truly affected thousands and thousands of investors all over the world. Actually the whole crypto market crashed because of the liquidity crunch of FTX, causing global ripple effects. Additionally, the cost fall of Bitcoin is among the great losses towards the crypto space which reflected a general loss of market cap.
Consistent with this, Temasek is really a Singaporean condition holding company of the federal government of Singapore. As being a esteemed investor of FTX, the collapse brought to some tremendous reduction in millions for the organization. Further, Temasek reveals that the organization has invested a general $275 million in FTX.
In mention of the this effect, the Deputy Pm and Finance Minister of Singapore, Lawrence Wong is worried relating to this huge loss. Wong states, the FTX collapse is really a “disappointing” for Singapore. Additionally, the undoing of FTX not just caused financial losses but additionally reputational damage, feels Wong.
Singapore Introduces Protection Measures for Investors
Early today, Wong shared his opinion around the situation within the Parliament meeting. Throughout his speech he states, the suffering of the great loss from Singapore’s wealth fund is going to be addressed like a serious trouble in the country.
Furthermore, the Deputy Minister remains positive stating, an investment losses does not necessarily mean that the Singapore government product is not functioning. However, he transmits support to his investors commenting, “It may be the nature of investment and high risk.”
However, impacted by the large loss, Temasek is establishing a completely independent team to examine losing good reputation for its funds on FTX. Additionally, Singapore governance will implement protection measures for those its investors. Also for the crypto payment providers approved in the united states.
Finally, Wong ends by stating, the danger within the cryptocurrency market can’t be removed by imposing strict rules.