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Rohit Sipahimalani, chief executive officer of Singapore state-owned conglomerate Temasek, said the entity is currently not interested in cryptocurrency investments due to the lack of regulatory clarity.
The company had a bad experience with the digital asset sector and lost $275 million when FTX collapsed.
A possible re-entry with proper rules
ceo sipahimalani Claimed In a recent interview, it said that there is “a lot of regulatory uncertainty” in the crypto space, making it “very difficult” for Temasek to join the ecosystem with any other investment.
On the other hand, he assured that the company will reconsider its position once the regulators impose a comprehensive regulatory framework on the industry:
“If you have the right regulatory framework, and we are comfortable with that, and you have the right investment opportunity, then we have no reason not to look at it.”
It is noteworthy that the Monetary Authority of Singapore has taken some steps to ensure maximum security for local crypto participants. The watchdog plans to ban digital asset organizations from offering loans and stake services to retail investors. It may also insist that such companies keep customers’ assets in a specified trust until the end of 2023.
Temasek was one of the many entities that once squandered a significant amount of money due to negotiations with major crypto exchange FTX. The company, which has approximately $500 billion in assets under management, invested $275 million in FTX Lost Everything happened because of his demise in November last year.
Sipahimalani explained that the FTX investment was part of Temasek’s early-stage strategy, where it “distributes funds into new disruptive technologies to see what’s around the corner.”
The CEO also revealed that the company did due diligence when considering the move and went ahead because it had “good technology in the market, was gaining market share, and showed willingness to engage with regulators and obtain licenses”. “
taking responsibility
The failed negotiations at FTX have damaged the reputation of the Singaporean state-owned conglomerate. Thus, the team and senior manager who approved the investment have taken full responsibility and their annual compensation has been cut:
“The investment team and senior management, who are ultimately responsible for the investment decisions made, took collective accountability and reduced their compensation.”
Temasek did not disclose the exact amount cut or whether other employees’ bonuses or salaries were reduced.
The world’s largest asset manager also joins the long list of companies that suffered losses due to investments in FTX. black Rockventure capital firm – Sequoia Capital, crypto technology investment company – Paradigm, Japanese SoftBank, and many others.
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PrimeXBT SPECIAL OFFER: Use this link to register and enter the code CRYPTOPOTATO50 to receive up to $7,000 on your deposit.
[ad_1]
Rohit Sipahimalani, chief executive officer of Singapore state-owned conglomerate Temasek, said the entity is currently not interested in cryptocurrency investments due to the lack of regulatory clarity.
The company had a bad experience with the digital asset sector and lost $275 million when FTX collapsed.
A possible re-entry with proper rules
ceo sipahimalani Claimed In a recent interview, it said that there is “a lot of regulatory uncertainty” in the crypto space, making it “very difficult” for Temasek to join the ecosystem with any other investment.
On the other hand, he assured that the company will reconsider its position once the regulators impose a comprehensive regulatory framework on the industry:
“If you have the right regulatory framework, and we are comfortable with that, and you have the right investment opportunity, then we have no reason not to look at it.”
It is noteworthy that the Monetary Authority of Singapore has taken some steps to ensure maximum security for local crypto participants. The watchdog plans to ban digital asset organizations from offering loans and stake services to retail investors. It may also insist that such companies keep customers’ assets in a specified trust until the end of 2023.
Temasek was one of the many entities that once squandered a significant amount of money due to negotiations with major crypto exchange FTX. The company, which has approximately $500 billion in assets under management, invested $275 million in FTX Lost Everything happened because of his demise in November last year.
Sipahimalani explained that the FTX investment was part of Temasek’s early-stage strategy, where it “distributes funds into new disruptive technologies to see what’s around the corner.”
The CEO also revealed that the company did due diligence when considering the move and went ahead because it had “good technology in the market, was gaining market share, and showed willingness to engage with regulators and obtain licenses”. “
taking responsibility
The failed negotiations at FTX have damaged the reputation of the Singaporean state-owned conglomerate. Thus, the team and senior manager who approved the investment have taken full responsibility and their annual compensation has been cut:
“The investment team and senior management, who are ultimately responsible for the investment decisions made, took collective accountability and reduced their compensation.”
Temasek did not disclose the exact amount cut or whether other employees’ bonuses or salaries were reduced.
The world’s largest asset manager also joins the long list of companies that suffered losses due to investments in FTX. black Rockventure capital firm – Sequoia Capital, crypto technology investment company – Paradigm, Japanese SoftBank, and many others.
Binance Free $100 (Exclusive): Use this link to register and get $100 free and 10% off fees on Binance Futures for the first month. (terms).
PrimeXBT SPECIAL OFFER: Use this link to register and enter the code CRYPTOPOTATO50 to receive up to $7,000 on your deposit.
