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Interview, sorted out:Louis,ChainCatcher
2025Year6moon30Day is written in Po CountyWeb3Circle a red line on each practitioner’s calendar.
From this day on, according to the Financial Services and Markets Act of Singapore (FSMA)137Article: All individuals or companies that provide digital token-related services must obtain a digital token service provider as long as they have a business place in Singapore, regardless of whether the service recipient is in Singapore or not (DTSP) License, otherwise you will face criminal liability.
Singapore Financial Regulatory Authority (MAS)exist5moon30The regulatory response document released on Sunday clearly states that those who are not licensed at the time must immediately stop overseas business; they will not accept it.ApplyingThe status is used as the basis for legal existence.This wording has been interpreted by many people as“The strictest crypto regulation ever.
Regarding this,ChainCatcherConsulted with a professional lawyer this timeFSMAThe neglected focus in the document.In addition, we also interviewed5BitbasePractitioners in Singapore try to restore the siteWeb3erReally realize the situation and understand the changes in Singapore’s regulatory in their eyes.
Note: In this article,MASIt is a financial regulator in Singapore.PSAyes2019The early laws that specialize in crypto payment services launched in 2019,FSMAyes2022The new version of the more comprehensive regulatory bill launched in 2019 has added the management of token-related services.DTSPRefers to an individual or company that provides token trading, custody, transfer and other services,FSMAKey supervision targets.
1. The core points of the neglected bill
During the interview with Beijing Strategy Law Firm and Director of the Digital Economy Committee, we found the following bill contents worthy of readers’ attention:
1,FSMAIt is not an overseas patch, but a comprehensive upgrade, and domestic and foreign businesses are subject to restrictions.
Many insiders mistakenly believeFSMAJust to make up for it, the original Payment Service Law (PSA) The loopholes in Singapore’s enterprises serving overseas customers that failed to regulate, but lawyer Guo emphasized:“FSMAIt is a framework law that coordinates supervision,Its multiple parts are suitable for entities that provide financial services within Singapore”This means that no matter whether the business is domestic or overseas, as long as it has a business place in SIPG or a company registered in Singapore must comply with it.FSMA.ThisPenetrating supervisionLogic also marksMASFor localWeb3Comprehensive supervision of practitioners has officially begun.
2, the focus of supervision is from“Institutional License”Turn“Personal review”
PSAFocuses on compliance between enterprises and institutions, andFSMAAdded a newpeopleLawyer Guo pointed out:“FSMAletMASBe able to bypass the traditional institutional licensing framework and directly intervene and isolate the financial marketsHigh-risk personnel,accomplishpeoplepenetrating supervision.”This means that even non-management freelancers, remote developers, consultants orKOLAs long as you engage in related services within the slope, you may beMASDetermined as a supervisory target.“Requires full understandingFSMAFramework, relevant experience”, thereby greatly increasing the threshold for personal employment.
3,FSMAThe threshold is significantly raised, and compliance requirements are far beyondPSA
Even if you already hold itPSALicenses cannot be automatically used.Lawyer Guo pointed out:“Most of the approved crypto business licenses on the market are still based onPSADistributed,FSMAThe compliance threshold has been significantly raised.MASMake it clear that even if it has been obtainedPSALicensed enterprises also need to resubmit additional materials to meet the requirements ofFSMARequire.”ApplyDTSPLicense not only needs to be available25The initial capital of Wanxinco and the permanent compliance officers must also establish an independent audit mechanism, submit compliance reports regularly, and meet the process and supporting management system of anti-money laundering and anti-terrorism financing.
2. Let’s see what Web3 practitioners in Po County say?
From wide coverage to more detailed requirements, to higher thresholds, stricter supervision is indeedWeb3erCausing a lot of stress and panic.However, the regulations on paper are based on paper, which can truly reflect whether a country’s policies are welcome.Web3, it depends on what the actual enterprises and practitioners have to say.existChainCatcherDuring the interview, we also heard completely different voices – from the startup team who had no choice but to individual workers who chose to wait and see, to old immigrants who are still optimistic about the long-term potential of Poland, their stories have pieced together a real picture of policy implementation:
1,Founder of tokenized operation projectChari: Small businesses have their own way of survival, and rivers will always find a way out
We have indeed been affected. In the current currency circle, almost all meaningful products cannot be avoided in the endtradeThis core.Once the transaction is involved, it will inevitably touch itDTSPRegulatory red line.Regulation should serve companies with mature business models and clear structures, and for small teams like us, investing a lot of time and resources to deal with regulation is almost an unbearable burden.
It is obvious that Singapore is no longer suitable for the development of startup projects. Perhaps Singapore has never thought of becoming the cradle of startups. They only hope to become the headquarters of mature companies.It is still uncertain that our business model will become next month, and it is not ruled out that the possibility of a complete move from Poland in the future is not ruled out.However, I will face change with an optimistic attitude, after all, “small businesses must have their own way of survival.”
2, Deep farmingOTCGeek boy who has been trading for many years (pseudonym):Singapore is“Pragmatic scumbag”Whoever is valuable will stay
I feelWeb3This industry has been somewhat rejected, whether it was driven away by China before or the marginalization of small businesses in Singapore.But objectively speaking, as a person working in SingaporeOTCI have always felt thatpragmaticIt is the background color of Singapore’s regulation.To put it bluntly, the Singapore government is like a “pragmatic scumbag”: whoever can bring substantial value can stay; whoever only brings bubbles can give away guests appropriately.Those who have issued a license can continue to do it, and others must be cleared out. This is a very clear signal.
However, from my perspective, the supervision this time is not that iron fist, but more like – “thunder loudly and raindrops are small”, mainly to shake the tiger.Companies that really need licenses have already applied for it. Bosses who have contributed to the government or are truly capable will not be anxious about this round of new regulations.
As for why the regulation suddenly tightens, I think this is related to the gray industry in the currency circle in Southeast Asia and shell companies.MASThe current goal is actually to pass this wave of regulations to give some unstandardizedKOLA wake-up call with the scattered groups.They may not be able to really cut off these people in one size fits, but they hope to use the legal framework to force them to restrain themselves.
As far as I know, there have been some recentlyKOLAnd exchange practitioners choose to suspend business, go out for a trip, or stay on the sidelines, and everyone is waiting for a clearer signal.
3, in SingaporeWeb3 AIPractitioners who have been deeply engaged in the field for many yearsJohn: Looking at the essence through phenomena, there must be a cause and a result
I want to emphasize one word:pragmatic.This is my core understanding of Singapore’s governance style.Singapore’s efficiency and adherence to rules are essentially to ensure economic benefits and strive for a stable position in the international political and financial game.This time the regulatory provisions are becoming more and more stringent, but it is actually becauseWeb3There are some problems that need to be faced in the field, and the government must intervene to ensure the healthy development of the ecology.
My project has not been directly affected at present, but I can see that this round of policy adjustments has indeed brought considerable impact to some exchanges that have not yet obtained licenses, as well as project parties and ecological partners that have cooperated with them.Especially those inWeb3The role of financial advisor in the circleKOLWe, the pressure of policy has been transmitted to them and has also played a certain deterrent effect.
Recently I have also noticed that more and more freelancers and remote workers are becoming more inclined to work from home and avoid proactive discussions in public.Web3Related topics, everyone is trying to reduce risks and unnecessary troubles.
4, live near the slope20YearReddioFounderNeil: Everything has not changed.Web3Still part of Singapore’s national strategy
In fact, Singapore has beenWeb3There has been no drastic shift in regulatory policies in the field, but more of a clarification and refinement of the existing framework.according toMASThe latest clarification and report from Lianhe Zaobao, the focus of this regulation is on digital payment tokens (DPTs) and tokens with capital market attributes, and what we often call practical tokens (Utility Tokens) and governance tokens (Governance Tokens) is not currently among its regulatory core.
For most startup projects, Singapore is still an environment with clear systems, clear paths and rich resources.MASNot only will it maintain high transparency for a long time, it also has an open consulting mechanism. It is actually not difficult for companies to evaluate their own compliance.You can get legal advice by spending a few thousand coins, and the cost is reasonable.
From a longer-term perspective,Web3Still part of Singapore’s national strategy.In addition to a clear policy framework, the government also promotes ecological development through various means such as financial support, talent cultivation, and industrial alliances. The Ministry of Education of Singapore also highly encourages universities to offer blockchain courses.I personally always believe that on a global scale, if you want to find a place that can truly take into account regulatory rationality and industrial vitality, Singapore is still the most inclusive and trustworthy choice for entrepreneurs.
5,GM AgentsFounderChess: It is a reshuffle period, but it is aimed at financial direction rather than everyone
For us, the current regulatory changes have not brought any significant impact, we areAIStartups are also planning to continue to build in Singapore.I think this round of supervision is more about enterprises and projects with strong financial attributes, and the actual impact for small teams like us is relatively limited.There is nothing wrong with big companies in the currency circle, but in fact it is not the small team’s turn to worry about it.
When it comes to the entrepreneurial environment in Singapore, I always feel that it is very suitable for small teams or even individual entrepreneurship.Especially for overseas Chinese like me, Singapore has a natural affinity in language and culture, low communication costs and faster implementation.Although some people think that Singapore is conservative in some policies, in my opinion, it is still a fair, open and rational place to view innovation compared to many regions.On the basis of upholding order, Singapore is indeed willing to give innovators opportunities.
Conclusion
This tightening of regulation is essentially a self-calibration of Singapore as an international financial center, not a correct one.Web3Driven by the industry.
Web3Practitioners are not simply divided into two factions: escape and left-behind. Instead, they are re-choosing and considering whether to stay and accept higher intensity of regulation in exchange for long-term policy certainty, or to turn to markets that seem more friendly but full of uncertainty.
