Enhancing Regulation of Cryptocurrency for Investor Protection

Mr Saktiandi Supaat asked the Prime Minister (a) whether the recent spate of cryptocurrency firms entering insolvency proceedings presents a systemic risk to Singapore's financial system; (b) whether it is time to enhance cryptocurrency regulation beyond money laundering and terrorism financing to prudential regulation and investor protection; and (c) how does the above fit into any broader strategy to develop a cryptocurrency hub or sector in Singapore.

Mr Tharman Shanmugaratnam (for the Prime Minister): This question has been addressed by Question No 4 as published in the Circular for Written Answers on 1 August 2022. [Please refer to "Licences Awarded to Digital Payment Token Service Providers and Plans to Promote Singapore as Cryptocurrency Hub", Official Report, 1 August 2022, Vol 95, Issue 65, Written Answers to Questions section.]