I. Regulatory 'Nuclear Bomb' Lands, Ending Singapore's Crypto Paradise
On June 30, 2025, the Monetary Authority of Singapore (MAS) officially implements new regulations for Digital Token Service Providers (DTSP), marking the most severe regulatory storm in the Asian crypto industry. The three core impacts of the new regulations are:
License Extinction Order: All unlicensed exchanges must shut down by the end of June, violators face criminal penalties, referencing the Hong Kong JPEX incident withdrawal 14.
KYC Totalitarianism: On-chain single transfers over 1000 Singapore dollars (approximately 5000 RMB) automatically trigger anti-money laundering alarms, marking the complete end of the anonymous trading era 9.
DeFi Strangulation Order: Unapproved smart contracts are directly classified as illegal, the 'decentralized ideal' advocated by Vitalik has become an illegal activity in Singapore 3.
The founder of a leading project lamented on social media: 'Yesterday we were discussing Web3 vision at Marina Bay Sands, and this morning our office was raided by MAS, and the servers were seized.'
II. Collapse Record of Chinese Crypto Capital's 'Golden Era'
(1) The 'Harvesting Equation' of the Old Era
Industry Underworld Rules from 2017-2022:
Singapore Foundation + Chinese White Paper: 90% of projects raised funds through this model and ended up at zero, while founders cashed out and checked into the Marina Bay Sands presidential suite
Classic Case: An 'AI+DeFi' project raised 200 million RMB, and after the team disbanded, only the homepage of the official website remained 9
(2) From 'Safe Haven' to 'Liquidation Zone'
After the 2022 regulatory storm in China, over 300 crypto teams chartered flights to Singapore
In 2023, the FTX collapse caused Temasek a massive loss of 275 million USD, directly triggering the government's shift to 'extinction-style regulation' 9
III. Major Industry Reshuffle: Two Extremes
👍 Harvest Beneficiaries
Compliance Giants: Licensed institutions such as Binance and Coinbase accelerate market share acquisition 7
Hong Kong Talent Grab: Overnight launch of 'Fast Track for Crypto Talent', poaching Singapore tech teams 1
👎 Devastation Disaster Zone
Chinese Capital Market: A certain USTC imitation team has disbanded, founder suspected of fleeing to Dubai
Local OTC Market: USDT to new currency exchange rate plummeted 3% in a single day, triggering a panic sell-off 4
IV. Emergency Survival Guide for Investors
Asset Hedging: Immediately transfer small exchange assets to cold wallets to prevent the dual risk of 'regulatory crash + exit scam'
Legal Disconnection: Cancel Singapore bank accounts and physical registrations to avoid joint liability
Strategic Shift: Focus on Hong Kong's 'Regulatory Sandbox', Dubai DMCC Free Zone, and other policy dividend windows 19
This regulatory earthquake not only reshapes the Asian crypto landscape but also reveals a harsh reality: In an era of strict regulation, compliance capability has replaced technological innovation as the number one survival factor. As an industry veteran said: 'In the past, it was about the speed of harvesting; now it’s about the thickness of the license.'
