Just now, the Monetary Authority of Singapore issued another statement, outlining several key pieces of information:

· Service providers involved with functional and governance tokens (such as on-chain voting, membership rights, etc.) will not fall under regulatory oversight.

· However, for teams or individuals that only serve overseas, due to the high money laundering risks associated with such businesses, it will be very difficult to obtain a license in the future, meaning they must be phased out. (There is no room for negotiation)

· Recently, the authorities contacted potentially affected service providers to assist them in formulating an exit plan. (This means the authorities will help you exit)

· At the same time, to facilitate contact, an official email was provided indicating that if one feels they might be implicated, they can email the Monetary Authority. (This implies that self-reporting and whistleblowing are encouraged)

In summary, starting from June 30, 2025, projects and individuals providing token-related services to overseas clients without obtaining a license must cease operations, while functional token projects are not affected (but the definition is very limited), they really have no way out...