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Singapore sovereign fund Temasek stated it isn’t planning to spend money on crypto firms as a result of present regulatory surroundings, its Chief funding officer, Rohit Sipahimalani, informed CNBC in a July 11 report.
“There’s a whole lot of regulatory uncertainty on this surroundings. And I do suppose that it is going to be very troublesome for us to make one other funding and change 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 may spend money on crypto if the regulatory framework turns into comfy and it spots the appropriate 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 in opposition to a number of crypto-related companies. Nevertheless, different jurisdictions, together with the U.Ok., 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 performed an in depth due diligence course of on FTX.
FTX filed for chapter in November 2022 after the change was found bancrupt, and $8.7 billion in customer-deposited property had been misappropriated.
Singapore’s Finance Minister and Deputy Prime Minister Lawrence Wong additionally described the loss as damaging the nation’s popularity.
Talking in regards to 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 are able to deliver that to our portfolio firms and profit inside our ecosystem.”
The submit Singaporean sovereign fund Temasek exits crypto altogether amid regulatory crackdown appeared first on CryptoSlate.
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