This Year in Singapore: post-Covid life, gay sex ban ends, political renewal, crypto fallouts and more

Singapore gets a new PM-in-waiting, ends most Covid-19 curbs and a colonial-era gay sex ban, and finds its footing amid multiple crypto implosions
City state says its ‘back in business’ with major events and rebuilding as an aviation hub, even as some doctors voice concern about Covid complacency

Singapore

Dewey Simin Singapore

Published: 2:00pm, 28 Dec, 2022

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Much of the past year in Singapore has been marked by jubilation, exemplified by the Formula One Grand Prix roaring back to the city state in October following the lifting of most Covid-19 restrictions.

The year was also marked by other significant events such as the striking down of a colonial-era gay sex ban, while the ruling party consolidated its succession plan for continued stability amid a backdrop of a slowing global economy and a tumultuous global cryptocurrency market.

In March, the city state pushed through with its plan to live with the coronavirus, lifting an outdoor mask mandate and a rule that banned restaurants and bars from serving alcoholic drinks after 10.30pm.

On the night of the easing, loud cheers were heard across Singapore’s central business district and some bars even offered free beer.

Supporters attend the annual Pink Dot event in a public show of support for the LGBT community at Hong Lim Park in Singapore on June 18. Photo: AFP

One month later, the government dropped Covid-19 testing for fully vaccinated travellers, a move hailed as an “important milestone” as Singapore began to rebuild as a global aviation hub, even as other regional rivals such as Hong Kong remained torn.

Singapore would eventually scrap one of its few remaining Covid-19 measures – an indoor mask-wearing mandate – in August, meaning there were virtually no more pandemic-related restrictions. But masks are still required on public transport and in healthcare settings.

As the city state was among the first countries in Asia to embark on such an ambitious reopening, it was not surprising that a string of high-profile events and summits returned almost immediately.

‘Singapore’s back’: Milken summit, F1 race and other events draw global VIPs

At the end of September and into October, thousands of government officials, top executives, and international fans descended upon Singapore for the Formula One Grand Prix, the Milken Institute Asia Summit and cryptocurrency event Token2049.

As one executive from the Singapore Tourism Board put it: “Singapore is back in business.”

But some challenges also arose as the country opened its doors for business. Doctors in Singapore told This Week in Asia that they were worried that a sense of complacency could set in among residents eager to move past the crisis, which could in time strain the healthcare system.

The Marina Bay Street Circuit of the F1 Singapore Grand Prix Night Race. Photo: Xinhua

Emerging from the pandemic was a 2022 success story for Singapore but there were also developments politically in a country long touted for its political stability.

Notably, Finance Minister Lawrence Wong was chosen in April to succeed Prime Minister Lee Hsien Loong for the top job.

The long-ruling People’s Action Party said a team of younger leaders – known as the fourth-generation or 4G – endorsed Wong, who rose to prominence during the pandemic as he co-chaired the country’s Covid-19 task force.

“For a country that is used to political stability, having a confirmed successor will set minds at ease for a smooth leadership transition,” Nydia Ngiow, the managing director of the BowerGroupAsia consultancy in Singapore, said of the development.

Wong was soon after promoted to become one of the country’s two deputy prime ministers, cementing his position as heir apparent.

Singapore’s PM-in-waiting Lawrence Wong rose to prominence during the pandemic as he co-chaired the country’s Covid-19 task force. Photo: Bloomberg

More recently, Singapore lawmakers voted to strike down a colonial-era law that criminalises sex between men – a third rail issue that has long divided liberals and conservatives in the country.

They did so after hours of debate last month, as the government simultaneously sought to amend the constitution to maintain the status-quo definition of marriage.

There had been growing signs before the vote that officials would seek to repeal the archaic law, including the attendance of a member of parliament from the ruling party at Singapore’s annual Pink Dot gay pride rally for the first time in the event’s 14-year history.

Gay rights activists have cheered the repeal of Section 377A of the penal code. Pink Dot, an LGBTQ advocacy group, called it a “historic milestone for LGBTQ equality”.

Singapore repeals ‘humiliating’ gay sex ban after years of public debate

As the cryptocurrency world continues to reel from multiple meltdowns this year, Singapore – which had positioned itself as a cryptocurrency hub – was not left out.

Three Arrows Capital, one of the world’s largest cryptocurrency hedge funds based in the city state, collapsed in June and cryptocurrency lender Hodlnaut was placed under interim judicial management by the Singapore courts.

Singapore distanced itself from these players that have been mired in trouble, but at the same time authorities sought to play a bigger role in governing the space.

Will ‘crypto winter’ leave Asia’s DeFi, NFT adopters out in the cold?

In October, the central bank outlined its plans to introduce fresh measures to raise the threshold to trade cryptocurrencies for retail investors.

If it materialises, this could include banning monetary incentives such as referral bonuses for consumers, and also making investors undergo some sort of a suitability test.

Even as the cryptocurrency world remains in flux, it appears that the Singapore authorities were clear on one thing: retail investors should stay away from investing as they could get their fingers badly burnt.

In one of many repeated warnings, Ravi Menon, the central bank chief, in August called cryptocurrencies “highly hazardous”, “heavily speculated upon”, and that their price volatility had made them an unviable form of investment asset.

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