Reply to Parliamentary Question on enhancing cryptocurrency regulation beyond money laundering and terrorism financing to prudential regulation and investor protection
QUESTION NO 2029
NOTICE PAPER 1269 OF 2022
FOR WRITTEN ANSWER
Date: For Parliament Sitting on 2 August 2022
Name and Constituency of Member of Parliament
Mr Saktiandi Supaat, MP, Bishan-Toa Payoh GRC
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.