Singapore's Deputy Prime Minister: Singapore has no plans to become a hub for cryptocurrency activities

ChainCatcher news, Singapore's Deputy Prime Minister and Finance Minister Lawrence Wong stated in response to parliamentary inquiries that due to the volatility of cryptocurrencies, coupled with their lack of intrinsic value, even well-operated and managed cryptocurrency platforms cannot be immune to collapse. Those engaged in cryptocurrency trading must be prepared to lose all value, as no regulation can eliminate this risk. The government and MAS have distinguished the development of an innovative and responsible digital asset ecosystem from cryptocurrency speculation, and they do not encourage retail public participation.

Additionally, Wong pointed out that Singapore has no plans to become a hub for cryptocurrency activities, but rather focuses on being an innovative and responsible participant in the digital asset space. (Source link)