Singapore’s Temasek is “uncomfortable” investing in crypto companies

On today’s episode of CNBC’s “Fast Money,” its CIO Rohit Sipahimalani spoke about the current state of the cryptocurrency industry.

Temasek’s chief investment officer, Rohit Sipahimalani, has said that the current market environment is not favourable for cryptocurrency investments.

Bitcoin’s meteoric rise since the new year has solidified the industry-wide acceptance of digital currencies. BlackRock’s recent filing for a Spot Bitcoin ETF is another proof of legitimacy.

Nevertheless, Sipahimalani is hesitant to open his Singaporean investment business up to crypto startups owing to the lack of clarity around the legal landscape. This morning, he gave an interview to CNBC and said:

“In this setting, regulatory clarity is scarce. Given the current state of affairs, we do not feel confident investing in exchanges.”

Ripple is now in conflict with the SEC. For breaching U.S. securities laws, it has also just filed suit against Binance and Coinbase.

On Tuesday, the state-owned company reported its poorest yearly shareholder return since 2016 due to economic and geopolitical concerns.

Sipahimalani claims that Temasek Holdings Limited is interested in investing in cryptocurrency companies, but only if conditions improve.

“There is no reason we wouldn’t consider an investment opportunity if it was accompanied by a regulatory structure we were happy with.”

It is important to remember that in November of last year, Temasek completely devalued its holdings in FTX. At the time of this writing, the portfolio’s net worth was $287 million.

Also Read: Binance Issues Statement Debunking “Bitcoin Cash Reserve Ended”