Singaporean sovereign fund Temasek exits crypto altogether amid regulatory crackdown

Singapore sovereign money Temasek said it is not readying to put successful crypto companies owed to the existent regulatory environment, its Chief concern officer, Rohit Sipahimalani, told CNBC successful a July 11 report.

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

Sipahimalani believes that losses are unavoidable with early-stage investment, truthful the steadfast has a 6% headdress connected specified investments successful its portfolio.

The concern main conceded that Temasek mightiness put successful crypto if the regulatory model becomes comfy and it spots the close opportunity. However, the concern money does not program to put successful crypto exchanges.

The existent regulatory situation for crypto is comparatively tense, particularly successful the U.S., wherever the fiscal regulator has filed charges against respective crypto-related firms. However, different jurisdictions, including the U.K., Europe, and Hong Kong, are making giant strides with their crypto regulations.

On FTX

Last year, Temasek wrote off its $275 cardinal concern successful FTX. At the time, the concern steadfast stated that it conducted an extended owed diligence process connected FTX.

FTX filed for bankruptcy successful November 2022 aft the speech was discovered insolvent, and $8.7 cardinal successful customer-deposited assets were misappropriated.

Singapore’s Finance Minister and Deputy Prime Minister Lawrence Wong besides described the nonaccomplishment arsenic damaging the country’s reputation.

Speaking astir the investment, Sipahimalani said:

“The FTX concern was a portion of our early-stage concern strategy, wherever we put successful caller disruptive technologies to spot what’s astir the corner, truthful that we tin bring that to our portfolio companies and payment wrong our ecosystem.”

The station Singaporean sovereign money Temasek exits crypto altogether amid regulatory crackdown appeared archetypal connected CryptoSlate.