Caixin: Singapore's New Crypto Regulations Accelerate Industry Shakeout in the Short Term, Forcing Some Companies to Cease Operations

Caixin published an article titled “New Regulations Without a Transition Period: What Signals Are Singapore’s Crypto Regulatory Policies Sending?”, which points out that Singapore once encouraged blockchain technology innovation and adopted a proactive regulatory stance, becoming a safe haven for cryptocurrencies. Industry figures such as Binance founder Changpeng Zhao and Bitmain CEO Jihan Wu even relocated to Singapore. However, Singapore is now reshaping its regulatory landscape and development path for the industry by tightening its digital token service licensing policies. The new regulations have significantly increased compliance costs for some Web3.0 companies, accelerating industry reshuffling in the short term. The founder of a certain Web3.0 product company has already disclosed that their company can no longer continue operations. The lack of a transition period has caught many in the industry off guard.