Yip Hon Weng asked about regulatory changes following the collapse of Terraform Labs, specifically regarding licensing, impact on Singapore's reputation, and preventive measures. Lawrence Wong stated that Terraform Labs was unlicensed and posed no significant risk to Singapore's financial system, as local institutions had limited exposure to cryptocurrencies. He highlighted that the collapse underscored the speculative risks of cryptocurrencies, prompting the Monetary Authority of Singapore (MAS) to strengthen consumer protection measures such as risk awareness assessments and restrictions on incentives for trading. Enhanced regulations will be implemented in phases, and consumers are reminded that MAS cannot prevent losses in cryptocurrency trading.