Singapore has 33 licensed institutions, and it seems that the only familiar teams for locals that have obtained licenses are OKX, HashKey, Matrixport, and Amber, while there is only OKX among offshore exchanges. Does this mean that a large number of other offshore exchanges, project parties, and DeFi teams will have to retreat to Hong Kong, Dubai, Malaysia, Thailand, and Tokyo?

https://eservices.mas.gov.sg/fid/institution?sector=Payments&category=Major%20Payment%20Institution&activity=Digital%20Payment%20Token%20Service