Singapore sovereign wealth fund Temasek reaffirmed it is still excluding direct cryptocurrency investment from consideration.

On July 10 local time, blockchain media outlet CoinPost reported that Temasek investment head Ng Kee Choe Hamid said in a CNBC interview that the fund is avoiding cryptocurrency investment, citing regulatory uncertainty.

Hamid said Temasek is not currently directly investing in any cryptocurrency. He said the role cryptocurrencies will take on in major economies will depend on the direction of regulation in each country. Temasek is therefore focusing on investments in blockchain technology and related infrastructure, placing weight on contributions to the real economy.

The stance reaffirmed a line Temasek has maintained since it suffered investment losses in FTX. After the exchange's bankruptcy in November 2022, Temasek booked the full $275 million it had put into FTX as an impairment loss. The investment consisted of $210 million in FTX International and $65 million in FTX US, executed between October 2021 and January 2022.

Lawrence Wong (로런스 웡), who was Singapore's deputy prime minister and finance minister at the time, described the loss as "disappointing". He had pointed out that the incident also damaged Singapore's reputation. For Temasek, this is the backdrop that leaves it little choice but to take a more conservative view of regulatory frameworks and investment verification issues than the cryptocurrency market as a whole.

Instead of cryptocurrency, Temasek has elevated AI as its next core investment area. Hamid said that as a long-term investor, he prioritises AI's practical use and building a commercial ecosystem over developing frontier models. That puts more weight on monetisation potential and industrial application than on the technology race itself.

Capital allocation is also moving in that direction. As of March 2025, Temasek has allocated 6 percent of its overall portfolio to AI-related assets and plans to raise that share to 15 percent by 2031. The strategy is read as shifting capital toward areas with relatively clear growth paths within the regulated system, instead of directly buying cryptocurrencies.

European investment is also increasing. Hamid said Europe has absorbed about 12 billion euros in capital over the past 2 years, becoming the largest investment destination after the United States. Temasek is committing long-term capital to Europe's luxury brands and consumer goods companies, companies tied to the energy transition, and industrial companies run by entrepreneurial families.

On the defence industry, it maintained a selective approach. Temasek said it completely excludes investment related to biological and chemical weapons, but dual-use technologies can be reviewed on a case-by-case basis. It said the only current defence investment holding is ST Engineering.

Ultimately, Temasek's recent message is clear. It is still keeping direct cryptocurrency investment outside consideration and shifting the centre of its portfolio toward blockchain infrastructure, AI and European long-term investment assets. With the experience of post-FTX losses still lingering, Temasek's digital asset strategy is likely to remain focused on surrounding technologies and regulated investment rather than direct holdings.