Where Party A is, Party B will be.

Back in the day, service providers that made money through telecom SPs, including fraudulent fee deduction companies, would follow the office locations of China Mobile.

When China Mobile builds a new building, nearby office buildings are immediately fully rented.

Why?

Geographically close, it's convenient to build relationships, dine and drink together, and resources can be obtained; resources mean money.

Who is Party A in the cryptocurrency world?

Large exchanges.

Wherever the exchanges are pushed to, the entire industrial chain is likely to gather there, especially project parties, following the major exchanges.

As for Singapore's legislation, it doesn't matter whether it regulates service providers; as long as it drives the exchanges away, most of the entire ecosystem will follow.