FTX collapse has limited impact on Singapore, says Deputy PM

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FTX collapse has limited impact on Singapore, says Deputy PM

SINGAPORE : The collapse of FTX will have a very limited impact on Singapore's financial system and economy, Deputy Prime Minister Lawrence Wong said in Parliament on Wednesday : "Key financial institutions in the country do not have the number of Singapore retail investors on FTX, as the platform is not licensed here and does not operate in Singapore.

He said that those who invested in cryptocurrencies through FTX's global platform would have lost money.

The financial regulators published a consultation paper on that last month, and will finalise these proposals after receiving industry and public feedback, Mr Wong said.

The minister was responding to a series of parliamentary questions about the collapse of FTX.

On November 11, the exchange filed for US bankruptcy protection, leaving more than 1 million customers and investors facing billions of dollars in losses. Fears about the future of the industry have been heightened by the fall of an industry darling, as more firms prepare for a fall out of the industry.

BlockFi, for one, filed for bankruptcy on Monday, citing a liquidity crisis caused by exposure to FTX.