CoinVoice has recently learned that according to Caixin, Singapore’s government is strengthening its review of family offices and hedge funds and cleaning up inactive family offices due to regulatory loopholes exposed by a major money laundering case of 3 billion yuan.
Ye Hongyu, senior partner of Fumei United Family Office, confirmed that the new regulations require family offices to invest at least 10% of their total assets under management or S$10 million (whichever is lower) in local investments, including unlisted companies, private equity and eligible debt securities.
Industry insiders believe that this may cause some wealthy Chinese to turn to Hong Kong. [Original link]
