Singapore is estimated to be frightened by the panic and has urgently issued a clarification with two main points:

First, the main targets of regulation are payment-type and equity-type tokens, while governance-type and functional-type tokens are not affected and do not need to apply for a license.

Second, MAS stated that based on current information, the number of affected tokens is very small.

But the question arises, which CEX DEX MM does not involve U?

https://www.mas.gov.sg/news/media-releases/2025/mas-clarifies-regulatory-regime-for-digital-token-service-providers