Singapore's new crypto regulations: A one-size-fits-all! Is the Chinese Scammer Group completely finished?
Singapore is really cracking down this time! Formerly known as 'Asia's crypto paradise', now it has turned against the community, with new regulations effective at the end of June, no grace period is given, exchanges without licenses must either shut down or get out.
How severe are the new regulations?
1. Major license cleanup: Exchanges without licenses will directly close down, refer to the Hong Kong JPEX incident, they won't even have time to run.
2. KYC hell: On-chain transfers over 1000 SGD must be reported, anonymous transactions are completely finished.
3. DeFi can't escape either: Even 'unauthorized smart contracts' are considered illegal, Vitalik would shake his head at this.
Why the sudden change?
FTX disaster hits Temasek: Singapore's sovereign fund Temasek lost 275 million USD on FTX, and the government is furious.
Money laundering case stimulus: Last year's 3 billion SGD money laundering case involving the Fujian gang made Singapore feel that if nothing is done, it will become a 'paradise for dirty money.'
International Pressure: The world is cracking down on crypto money laundering, and Singapore doesn't want to be the scapegoat.
Who is the worst off?
Chinese Scammer Group: Previously relied on Singapore shell companies + Chinese white papers to scam, now directly raided.
Small exchanges and OTC traders: High licensing thresholds, small players can't afford to play, they can only run away or change careers.
DeFi Projects: Decentralized? Sorry, Singapore now only recognizes 'licensed centralized.'
Who is laughing?
Binance, Coinbase: Big exchanges that obtained licenses early, while competitors are dying off, gaining larger market shares.
Hong Kong, Dubai: Rushing to recruit people overnight, Hong Kong has directly launched the 'Crypto Entrepreneur Visa', just waiting for you to come.
What to do with retail investors?
1. Hurry to withdraw funds: Small exchanges may run away at any time, don't wait until the last day.
2. Cancel Singapore accounts: Don't let the government come after you later.
3. Watch out for Hong Kong/Dubai: The next policy dividend may be in these two places.
Future trend: Singapore is done, who can take over?
Hong Kong: More flexible policies, allowing retail trading, suitable for small to medium players.
Dubai: Golden visa + tax exemption, the next stop for big players.
USA/Europe: Strict regulation but a large market, suitable for legitimate players.
Singapore's 'crypto paradise' dream is completely shattered, and the good days for the Chinese Scammer Group are over. Either comply or get out, there is no third option. Retail investors, stay alert and don't wait until it's too late!
If you want to make money, don’t be a lone warrior! Follow me, comment and tell me your thoughts, let's seize the profit opportunities in the bull market together.
Today’s focus: MASK LA ETH BTC
