Singapore has changed! Once a safe haven for Web3, it shut its doors overnight, leaving people in the crypto world crying at Marina Bay!

These new MAS regulations are truly ruthless! In the past, you could rent a shared workspace in Singapore and launch an exchange, but now even working from home requires a license. My friend, the small exchange owner Mr. Zhang, was still showing off the night view of Marina Bay last month, and this week he’s packing up to fly to Dubai — the compliance annual fee of 100,000 SGD is higher than his annual profit; if he doesn't run, he’ll just wait to die.

Big platforms are laughing, small players are crying: licensed giants like Coinbase and KX are raking it in, customers are flocking to them, and their market share is expected to rise by 30%. But retail investors are suffering, with local trading volumes plummeting; to trade cryptocurrencies, they either have to pay fees on major exchanges or take risks with decentralized platforms.

The end of regulatory arbitrage: Don’t think you can escape by doing overseas business while hiding in Singapore! MAS isn’t even sparing “street vendors”; Bitget and Bybit moved to Hong Kong overnight, publicly claiming to support regulation while cursing under their breath.

Honestly, this policy is reminiscent of a romantic relationship — initially sweet talk to woo you in, now they turn their back on you! But considering the 3 billion yuan money laundering case in Fujian and the FTX crash, MAS has been pushed to the limit.

There will definitely be short-term pain, but in the long run, traditional institutions will enter the market more steadily. Hong Kong and Dubai are vying to take over, but the true winner will be whoever can balance openness and compliance.

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