On May 30, the Monetary Authority of Singapore (MAS) released a response document regarding the new regulations for DTSP (Digital Token Service Providers) and announced that they would officially take effect on June 30, without a transition period. This means that all unlicensed individuals and institutions, whether targeting local or overseas markets, will be considered illegal as long as they engage in any form of digital token service in Singapore.
MAS summarized the new attitude in one sentence: 'We will be extremely cautious.' Compared to the previous encouragement of innovation, this marks a real tightening, with the strictness of enforcement and the breadth of impact far exceeding industry expectations.
From a practical definition perspective, DTSP covers two types of entities: first, individuals or partnerships providing digital token services in Singapore; second, companies registered in Singapore that target overseas markets. The key point is MAS's interpretation of 'business premises'—which is not limited to formal office buildings; even temporary stalls, shared workspaces, or even homes could be recognized as 'engaging in business.' For example, if an overseas project founder works from home in Singapore, as long as it involves DeFi consulting, business development, sales, content operations, etc., aimed at global users, it may fall under regulation.
MAS responded by stating: unless you are an 'employee' of an overseas company and only work from home, you may be exempt. However, the definition of this 'employee' status is extremely vague; for instance, whether a founder counts as an employee or if part-time consultants are included, there are no clear answers.
Another focus of the tightening regulations is the definition of 'token-related activities.' MAS considers 'publishing token research reports' as a form of digital token service in its documents. In other words, KOLs, analysts, and institutional researchers writing or publishing any content regarding token prices or value judgments in Singapore may also need to apply for a DTSP license. This puts a large number of content creators in a gray area, especially those who recommend projects or interpret market trends on social platforms, who may have inadvertently crossed the line. Moreover, MAS did not provide any substantial clarification when responding to industry inquiries.
Once, Singapore was known as the 'regulatory arbitrage paradise' of the Web3 era—low taxes, lenient regulations, and openness attracted countless project teams, funds, and exchanges. The current situation has completely changed; Singapore no longer welcomes innovative explorations outside of licensing.
The window period for Web3 in Singapore has closed, and an industry reshuffle may have quietly begun.$ETH $BTC #美国初请失业金人数 #特朗普马斯克分歧 
