Reply To Singapore Parliamentary Question On Enhancing Cryptocurrency Regulation Beyond Money Laundering And Terrorism Financing To Prudential Regulation And Investor Protection

Date: For Parliament Sitting on 2 August 2022

Name and Constituency of Member of Parliament
Mr Saktiandi Supaat, MP, Bishan-Toa Payoh GRC

Question:

To ask 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.

Answer by Mr Tharman Shanmugaratnam, Senior Minister and Minister in charge of MAS:

1. This question has been addressed by Question 4 as published in the Circular for Written Answers on 1 August 2022.