Singapore has 33 licensed institutions, and it seems that the only familiar local teams that have obtained licenses are OKX, HashKey, Matrixport, and Amber. Does this mean that a large number of other offshore exchanges, project parties, and DeFi teams have to retreat to Hong Kong, Dubai, Malaysia, Thailand, and Tokyo?

https://eservices.mas.gov.sg/fid/institution?sector=Payments&category=Major%20Payment%20Institution&activity=Digital%20Payment%20Token%20Service