Singapore’s new PM Lawrence Wong to be sworn in with cabinet members: Who’s pro crypto?
Lawrence Wong will become prime minister of Singapore on May 15, replacing Lee Hsien Loong, the eldest son of the country’s first PM, Lee Kuan Yew.
Singapore will have a new prime minister for the first time since 2004, when Lee Hsien Loong, eldest son of the country’s first MP Lee Kuan Yew, took office. After 20 years under Loong, Singapore will have a new PM, 51-year-old Lawrence Wong, who is to be sworn in on May 15.
Aside from a new PM, Lawrence Wong, his 18 Cabinet officials will also be sworn in, per Strait Times. Lee Hsien Loong, who Wong will be replacing, will serve as Senior Minister.
Two of the notable statements of Wong were that Singapore was “not open to crypto speculation,” and that the country had “no aspirations to become a crypto hub.” However, he did note that Singapore “seeks to be a responsible and innovative digital asset player.”
Here’s the tally:
- Unknown — 6
- Cautious — 4
- Pragmatic — 3
- Possibly open — 3
- Open but cautious — 1
As for his Cabinet, the 18 members have split opinions on crypto. Here are their upcoming roles and stances.
Lee Hsien Long
Senior Minister
Cautious
Expressed strong caution, specifically around deepfakes using his voice and likeness to promote crypto scams.
Gan Kim Yong
Deputy Prime Minister, Ministry for Trade and Industry
Possibly open
Despite no specific remarks on crypto, his broad policy initatives and statements regarding economic development, technological adoption, and trade agreements suggest openness to innovation and international trade cooperation. Without specifying, this could imply being open to new technologies, including crypto.
Wong said that due to Kim Yong’s experience in international economics will help them navigate a more “contested global environment.
Heng Swee Keat
Deputy Prime Minister
Open but cautious
The new Deputy Prime Minister holds a cautious yet bullish stance on crypto, acknowledging its potential to transform the future of finance but highlighting its risks. He has publicly warned retail investors from crypto trading due to the risk of severe financial losses.
Heng still supports innovation within the digital asset system and under his guidance, the country has adopted measures like regulatory sandboxes and more.
Teo Chee Hean
Senior Minister, Coordinating Minister for National Security
Cautious
As the Coordinating Minister for National Security, Hean hasn’t provided his personal stance on crypto but his involvement in cybersecurity and digital governance suggests he could be cautious on crypto. He previously called for the establishment of a rules-based multilateral order in cryptospace and the need for responsible state behavior, this would potentially relate to crypto and how it should be governed.
Ng Eng Hen
Minister for Defense
Unknown
The new Minister for Defense hasn’t publicly made any statements about crypto or potentially relating to crypto. He remains focused on national defense issues.
Vivian Balakrishnan
Minister for Foreign Affairs
Possibly open
During the US-Singapore Critical and Emerging Technologies Dialogue, Balakrishnan tackled broad technological collaboration including areas like AI and digital economy governance. He also emphasizes the dangers around and the importance of Singapore’s response.
K. Shanmugam
Minister for Home Affairs, Minister for Law
Pragmatic
The Minister for Law has expressed his concerns with the risks surrounding crypto, particularly related to scams in Singapore as scam reports jumped over five-fold from 2019 to 2022, per Malay Mail. He has emphasized the importance of public education to combat crypto scams.
Shanmugam played a huge part supporting SMEs during the pandemic.
Grace Fu
Minister for Sustainability and the Environment
Pragmatic
As the Minister for Sustainability and the Environment, Grace Fu has expressed concerns on the environmental impact of crypto mining. However, due to the high labor, land, electricity costs, and climate, she notes that Singapore is costly and less favorable for crypto mining operations.
Fu has been campaigning energy efficiency, which would not align with crypto mining in Singapore.
Despite not regulating crypto mining, she continues to monitor developments and associated risks.
Chan Chun Sing
Minister for Education
Possibly open
Despite not giving specific statements on crypto, he expressed the importance of innovation. As the former Minister for Trade, Sing expressed the importance of scaling Deep Tech innovations, also mentioning tech and finance together.
Masagos Zulkifli
Minister for Social and Family Development
Unknown
So far no comments, opinions, or statements have been given about or related to crypto. Zulkifli is focused on family and social policies, not economic or tech related. Previously, he worked as the Minister for the Environment and Water Resources, still with no comment on crypto.
Ong Ye Kung
Minister for Health
Unknown
Has made no comment on crypto or blockchain-related technologies in the health space. His focus revolves around health policy and other social challenges.
Josephine Teo
Minister for Communications and Information
Cautious
Despite not specifically tackling crypto, she was still involved in discussing issues including financial security and anti-money laundering measures. Although not specifically talking about crypto, AML regulatory framework would still extend to crypto-related money laundering issues.
Desmond Lee
Minister for National Development
Uknown
As Minister for National Development and previously Minister-in-Charge of Social Services Integration, Lee hasn’t given any comment on crypto, focusing more on national development and social services related issues.
Indranee Rajah
Minister in the Prime Minister’s Office
Cautious
Although Rajah didn’t specifically comment on crypto, she was instrumental in strengthening Singapore’s regulatory framework to combat money laundering, including transactions involving crypto. She previously commented on business conduct for local companies operating overseas.
Maliki Osman
Minister in the Prime Minister’s Office
Unknown
Has not made any public comment on crypto and has only focused on education and social issues.
Edwin Tong
Minister for Culture, Community and Youth
Pragmatic
As the Second Minister of Law, Tong previously discussed the legal framework in relation to emerging technologies, including crypto. Despite his limited remarks, his approach can be viewed as pragmatic with regards to adapting Singapore’s legal environment to new technological developments.
He also highlighted the importance of integrating tech to enhance the legal profession and maintain competitiveness while acknowledging the necessity of staying at par with global tech trends and allow the legal system to catch up.
Woople previous said that Tong noted that legal marriage proceedings, court case disputes, and govt services could be offered on the metaverse. However, this statement is still to be verified. He also tackles other cyber-related issues, previously talking about how the fake news law applies to end-to-end encrypted chat apps like WhatsApp, Signal, etc.
Tan See Leng
Minister for Manpower
Unknown
So far Leng has not yet commented on crypto, talking only about energy and manpower related policies and issues. However, he has been supportive of entrepreneurs, making appearances in certain events.
Chee Hong Tat
Minister for Transport
Unknown
So far, Tat has not yet made any public comments on crypto, only commenting on transport and other types of financial policies. This is despite recently being appointed to MAS board of directors.
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