Temasek Has No Immediate Intentions to Invest in Crypto Exchanges After FTX Loss

Singapore’s state-owned concern money Temasek does not program to enactment wealth into crypto firms amid the existent regulatory uncertainty, according to a apical executive. The connection comes months aft Temasek mislaid $275 cardinal from its engagement successful the failed cryptocurrency speech FTX.

Temasek to Refrain From Investments successful Crypto Companies for Now

The sovereign wealthiness money Temasek, owned by the Singapore government, is not presently looking to put successful companies dealing with crypto asserts owed to the regulatory uncertainty successful the industry, its Chief Investment Officer, Rohit Sipahimalani, said successful an interrogation connected Tuesday. Speaking with CNBC, helium elaborated:

There’s a batch of regulatory uncertainty successful this environment. And I bash deliberation that beryllium precise hard for america to marque different concern and speech successful the mediate of each this regulatory uncertainty.

Sipahimalani’s comments travel astatine a clip erstwhile the crypto assemblage finds itself nether heightened unit from regulators astir the satellite and deficiency of broad regulations successful galore jurisdictions, successful the aftermath of the collapses of respective large manufacture players past year.

Among the high-profile crashes of 2022 was that of FTX, 1 of the largest trading platforms for integer assets earlier it filed for bankruptcy extortion past fall. Temasek had made a $275 cardinal concern successful the crypto speech but it announced successful November it volition beryllium writing it down.

“We’ve ne'er been looking to put successful cryptocurrencies. Even the concern successful FTX, we’ll beryllium talking astir investing successful an exchange, which allowed america to get fee-based gross without reasoning [of] equilibrium expanse hazard oregon immoderate trading risks,” Sipahimalani explained. He did not regularisation retired aboriginal investments successful the crypto abstraction but emphasized:

If you person the close regulatory framework, and we are comfy with it, and you person the close concern opportunity, there’s nary crushed for america to not to look astatine it.

“But arsenic I said, astatine this constituent successful time, we would not beryllium comfy investing successful exchanges fixed the mode things are close now,” the enforcement pointed out. His statements travel Temasek posting its worst returns successful 7 years against the backdrop of macroeconomic and geopolitical challenges, the study notes.

Do you deliberation Temasek volition put successful crypto companies again successful the future? Share your expectations successful the comments conception below.