Where Party A is, Party B is.

Back in the day, service providers that made money through telecom SPs, including scam billing companies, would follow the office locations of China Mobile.

When China Mobile built a new building, the nearby office buildings would be fully rented out immediately.

Why?

Geographically close, it’s convenient to build relationships, dine and drink together, and resources can be acquired, and resources equal money.

Who is Party A in the crypto space?

The major exchanges.

Wherever the exchanges are pushed to, the entire industry chain is likely to gather there, especially the project parties, migrating along with the big exchanges.

As for Singapore's legislation, it goes without saying whether it regulates the service providers; as long as the exchanges are driven away, the majority of the entire ecosystem will follow suit.