Temasek Holdings will not add new cryptocurrency exposure. The $400 billion Singapore state investor will instead deepen its bet on artificial intelligence.

Nagi Hamiyeh, president of Temasek Global Investments, told CNBC that regulatory uncertainty is driving the shift. A lingering $275 million write-off from the 2022 FTX collapse also weighs on the decision.

Why Temasek Is Stepping Back From Crypto

Temasek confirmed it holds no direct crypto positions today. The fund still remembers the FTX custody failures that followed Sam Bankman-Fried’s exchange collapse. Consequently, that…