Recently, the Monetary Authority of Singapore (MAS) suddenly unleashed a regulatory offensive, announcing a comprehensive ban on unlicensed cryptocurrency exchanges starting June 30, stating that even claiming to 'only provide services overseas' would not escape the law. This regulatory 'nuclear bomb' explosion has left Chinese crypto teams, which have long regarded Singapore as a 'heaven for harvesting retail investors', in dire straits — just the day before, they were toasting at the Marina Bay Sands, discussing compliance, and the next day they had to hurriedly pack up and rush to Dubai, staging a real 'mass withdrawal from the crypto circle.'
The destruction of Chinese crypto teams: From 'compliance legends' to hasty escapes
Taking a certain USTC project team as an example, they were still widely promoting 'Singapore compliant shelter' in the community last week, enticing retail investors to follow suit. However, after the new regulations were implemented, the project leader disbanded the Telegram community overnight and fled Singapore in a panic, leaving the office computers still on. Many retail investors, facing the despair of assets going to zero, questioned: 'Why has the promised Web3 utopia become a slaughterhouse for scams?'
These Chinese crypto teams once had a set of 'common tricks': during the barbaric development period of the industry from 2017 to 2022, they only needed to register a shell company in Singapore, fabricate a Chinese white paper, and simply shield local IP addresses to claim 'Singapore compliant', openly harvesting retail investors globally. However, after Temasek's painful lesson of losing 275 million SGD due to the FTX incident, the Singapore government was thoroughly enraged, decisively retaliating: 'Singapore is by no means a breeding ground for scams; all violators will be expelled!'
Three harsh measures from MAS reshape the industry landscape
License battle: Small exchanges face disaster
If you want to obtain a cryptocurrency license in Singapore, the threshold is astonishingly high: an initial deposit of 250,000 SGD (approximately 1.25 million RMB) is required, along with an annual fee of 10,000 SGD, and a professional independent compliance team must be in place. This measure directly shuts the door on small and medium-sized exchanges, while industry giants like Binance and Coinbase benefit from it, as MAS effectively cleared the market for them, further solidifying their dominant position in the industry.
Harsh KYC model: The end of anonymous trading
Once the on-chain transfer amount exceeds 1,000 SGD (approximately 5,000 RMB), a regulatory alarm mechanism will be triggered. This has caused OTC merchants to panic and sell USDT, leading to a sudden 3% drop in stablecoin exchange rates. The previous mode of gray operations relying on 'anonymous transfers and over-the-counter trading' has completely failed, and the 'hidden corners' of the crypto space are no longer able to hide under strong regulatory scrutiny.
Precise strike on DeFi: Restrictions on smart contracts
The new regulations even classify 'unauthorized smart contracts' as illegal, akin to placing heavy handcuffs on DeFi innovation. Ethereum founder Vitalik Buterin expressed helplessness about this: 'This operation is undoubtedly a 'regulatory verdict' on code, severely compressing the space for free innovation in DeFi.'
Industry upheaval: Fleeing Singapore, rushing to Hong Kong and Dubai?
Positive news: Hong Kong and Dubai launch 'talent grab' mode
While Singapore tightens regulation, other regions welcome development opportunities. Hong Kong quickly launched the 'Crypto Entrepreneur Visa', clearly intending to attract industry resources flowing out of Singapore; Dubai has issued a large number of cryptocurrency licenses, becoming a new 'safe haven' for Chinese capital, quietly igniting a 'geopolitical migration war' in the crypto industry.
Negative news: Small exchanges' wave of exits, account risks, air coin crashes
- Risks of small exchanges: Unlicensed small exchanges may run away at any time, posing a huge threat to retail investors' asset safety. 'Immediate withdrawals' become an urgent priority; do not become the last buyer.
- Account risks: Entities related to Singapore could turn into 'minefields' at any time due to regulatory tracing. It is recommended to cancel accounts quickly and transfer funds to avoid subsequent review by MAS.
- Air coin crash: Projects relying on the 'Singapore endorsement' that deceive investors will see 90% directly crash to zero, as 'junk assets' in the industry are being rapidly cleared.
Retail survival strategy: Three steps to avoid risks and seize transition opportunities
- Urgent withdrawals: Do not leave assets in small exchanges! Those platforms that could disappear tomorrow should not be taken lightly; withdrawing assets to a secure wallet is the wise choice.
- Cut ties with Singapore: Cancel Singapore company bank accounts, transfer servers, do not wait for regulatory investigations to come knocking, and proactively eliminate 'risk hazards.'
- Closely monitor policies in Hong Kong/Dubai: The window for industry transition is only a few months. Hong Kong's visa policy and Dubai's license issuance are new opportunities; missing this wave of opportunities may truly lead to difficulties in the crypto space.
Singapore's regulatory bomb has shattered the 'compliance dream' of Chinese crypto teams and accelerated the reshuffling of the crypto industry. For ordinary retail investors, this presents both risks and opportunities — staying away from small platforms that are about to crash and investing in areas with clearer regulations and emerging ecosystems (like Hong Kong and Dubai) is essential for survival and even seizing new wealth opportunities in this major industry reshuffle.
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