Singapore's big sickle: the dealers are lying.
In recent years, Singapore has been referred to as a 'paradise' for cryptocurrency entrepreneurs. Registration is easy, taxes are friendly, and regulation is loose. Just find a lawyer, and you can produce a bunch of white papers, set up a platform, play the overseas narrative, and even without launching a token, the valuation can soar to hundreds of millions. Project founders easily raise millions, cut and run, then come back with a new name.
But now, Singapore has finally raised the 'big sickle.'
On May 30, 2025, the Monetary Authority of Singapore (MAS) dropped a bomb:
All unlicensed cryptocurrency service companies must cease providing services to overseas clients by June 30, 2025.
Note, it is 'all.' It's not just targeting exchanges, nor just DeFi, NFTs, blockchain games, or wallet tools. As long as you are a Web3 project registered in Singapore, even if you claim to be 'completely overseas-focused,' if you haven't obtained the DTSP license, you must all stop! Operations! Rectification!
And—
❌ No grace period.
❌ No gray area.
❌ Non-compliance leads to a direct fine of 250,000 SGD or even imprisonment.
Who is the most anxious?
Those projects that rely on issuing air coins, false narratives, and cutting off overseas retail investors are the most anxious.
Those cryptocurrency scammers who only know how to create some PPTs and temporarily assemble a three-person development team are the most anxious.
Those 'international projects' registered in Singapore but whose offices cannot be found are all feeling a chill.
The dealers are lying.
This time, it's not them cutting others; it's the regulators starting to harvest them.
In the past, registering in Singapore was to give investors a 'legitimate' illusion.
Now, the official statement from Singapore is extremely clear— you can play, but you must follow the rules.
How to play next?
It's simple: either get a license or get lost.
For those who are serious about their work, willing to comply, and truly have technology and products, this might be a good thing before the reshuffling. With fewer competitors, scammers are out, and real projects have a chance to survive.
But for those gray market teams that have become accustomed to exploiting regulatory loopholes, this 'big cleanup' is undoubtedly a catastrophe. Move? Move where? Hong Kong, Dubai, Seychelles are all watching, but the problem is, this time the whole world is focused on you.
In the past, you could talk confidently in front of VCs with just a Singapore registration document;
Now, what you face is a real license application form, anti-money laundering compliance, on-chain auditing, and real data disclosure.
It's not that Web3 is failing; it's that air projects have run out of options.
Final advice:
Stop fantasizing about surviving in a 'policy vacuum.' Don't think you can simply 'run a shell' everywhere and circle money again.
You are next under the sickle.