Seems like the focus of DTSP is blockchain firms based in Singapore, providing services to clients outside of Singapore.

This is “only” exchanges, market makers, entities involved in token handling.

In other words, exiling the businesses that anchor this entire industry, that dominate crypto liquidity, and made Singapore into a major crypto financial center.

Some insist that “no no - it’s just a sub sector of the industry. Singapore still embraces crypto - it welcomes foundations, technical teams, labs!”

But the exodus is already well under way.

And here’s the thing: it is hard (impossible?) to have talent formation without capital formation. Singapore wants talent formation, and yet has exiled the thing that made it a Tier A destination: being a capital formation destination for crypto.

Capital attracts talent, both formally and informally.

- Formally: get a job at a big company, move, gain experience, build a career, then start your own company.

- Informally: move to an industry hub to be adjacent to a growing industry; build connectivity and start or grow your business.

There are very few places in the world that have been able to capture a capital formation <> talent formation flywheel. Silicon Valley is one. Hangzhou is another. Practically every other tier 1, tier 2 metro area on earth aspires to this. Few succeed.

Singapore has a chance, but has now voluntarily eliminated its advantage as a natural capital formation nucleus for the future of finance.

Crypto is global, remote, and mobile. It will always find a new home. Internet capital nations!