In a joint commentary, SMU Lecturer of Law Vincent Ooi and Liu Hern Kuan, Director and Head of Tax at ZICO Insights Law discussed what would be the Singapore tax treatment on losses realised by a cryptocurrency investor who decides to sell his holdings. They opined it is unlikely the authorities would step in to offer some kind of relief for cryptocurrency losses that can be regarded as mainly speculative. They added that ‘there is an element of moral hazard here as well, in that investors may well be less cautious in the future if they think that the Government will bail them out should their investments go south”.