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Singapore sovereign fund Temasek stated it’s not planning to spend money on crypto firms as a result of present regulatory surroundings, its Chief funding officer, Rohit Sipahimalani, instructed CNBC in a July 11 report.
“There’s numerous regulatory uncertainty on this surroundings. And I do assume that it is going to be very tough for us to make one other funding and alternate in the midst of all this regulatory uncertainty.”
Sipahimalani believes that losses are unavoidable with early-stage funding, so the agency has a 6% cap on such investments in its portfolio.
The funding chief conceded that Temasek would possibly spend money on crypto if the regulatory framework turns into snug and it spots the proper alternative. Nevertheless, the funding fund doesn’t plan to spend money on crypto exchanges.
The present regulatory surroundings for crypto is comparatively tense, particularly within the U.S., the place the monetary regulator has filed expenses towards a number of crypto-related corporations. Nevertheless, different jurisdictions, together with the U.Okay., Europe, and Hong Kong, are making big strides with their crypto rules.
On FTX
Final 12 months, Temasek wrote off its $275 million funding in FTX. On the time, the funding agency acknowledged that it carried out an in depth due diligence course of on FTX.
FTX filed for chapter in November 2022 after the alternate was found bancrupt, and $8.7 billion in customer-deposited belongings had been misappropriated.
Singapore’s Finance Minister and Deputy Prime Minister Lawrence Wong additionally described the loss as damaging the nation’s status.
Talking concerning the funding, Sipahimalani stated:
“The FTX funding was part of our early-stage funding technique, the place we spend money on new disruptive applied sciences to see what’s across the nook, in order that we will deliver that to our portfolio firms and profit inside our ecosystem.”
The publish Singaporean sovereign fund Temasek exits crypto altogether amid regulatory crackdown appeared first on CryptoSlate.
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