"All business must cease before June 30, otherwise criminal penalties will be faced." This statement released by the Monetary Authority of Singapore (MAS) on May 30 has sent shockwaves through the Asian Web3 community.
Once hailed as a "crypto haven," Singapore now adopts a hardline stance with zero transition period, demanding all unlicensed Digital Token Service Providers (DTSP) to withdraw completely. Sofas at home, shared desks, temporary booths—these are all included in MAS's broad definition of "business premises." As long as individuals engage in digital token-related business within Singapore, regardless of whether their clients are domestic or international, they must be licensed and compliant, or they will be committing a crime.
This article references frontline observations from several local licensed institutions (including MetaComp) during the policy implementation process, combining regulatory texts and market feedback to rationally restore the policy logic, industry reactions, and future directions behind this major cleanup. We believe that beyond regulation, what deserves more attention is a deep reconstruction of financial infrastructure and trust mechanisms.
01 Iron-Fisted Cleanup: A Complete Turn in Singapore's Regulatory Logic
The core of this regulatory storm is Section 137 of the Financial Services and Markets Act (FSM Act). It marks the end of Singapore's history as a "regulatory arbitrage paradise." According to this provision, all individuals or institutions with business premises in Singapore providing digital token services to overseas clients must obtain a DTSP license.
The essence of the new regulation is the "penetrative regulation" logic, signaling the official start of MAS's comprehensive oversight of local Web3 practitioners. MAS's definition of "digital token services" almost encompasses all aspects of crypto business: token issuance, custody services, brokerage and matching transactions, transfer payment services, verification, and governance services are all under regulation.
No license? Only exit. MAS clearly states: those who are still unlicensed must immediately cease overseas operations; the status of "application in progress" will not be accepted as a basis for legal existence.
Why is Singapore so resolute? The core answer lies in the extreme defense of the country's "financial reputation." The 2022 FTX collapse caused significant losses to Singapore's sovereign wealth fund Temasek, severely damaging Singapore's financial reputation and directly triggering policy tightening.
MAS repeatedly emphasizes in the document that digital token services have strong cross-border anonymity attributes, making them highly susceptible to illegal activities such as money laundering and terrorist financing. Once these Singapore-based companies "run into trouble," the country will face global public opinion and regulatory pressure.
02 Survival Battle: The Difficult Choices of Crypto Enterprises
With the new regulations in place, Web3 practitioners in Singapore quickly divided into different camps.
The founder of a tokenized operation project candidly stated: "Regulation should serve companies with mature business models and clear structures, but for small teams, investing a lot of time and resources to deal with regulation is almost an unbearable burden." The possibility of completely relocating from Singapore cannot be ruled out.
Applying for a DTSP license is no easy task. Companies must have an initial capital of 250,000 SGD, a resident compliance officer, an independent audit mechanism, and meet strict anti-money laundering (AML) and counter-terrorism financing (CFT) requirements, which is a high threshold for startups.
However, local industry insiders who have lived in Singapore for many years hold a different view: "In fact, Singapore's regulatory policies in the Web3 field over the past few years have not seen a drastic turn; rather, they are more about clarifying and refining the existing framework.
MAS's regulatory focus is on Digital Payment Tokens (DPTs) and tokens with capital market attributes, while utility tokens and governance tokens are currently not at the core of its regulation.
Individual practitioners have become a regulatory gray area. A practitioner with years of experience in OTC trading stated: "MAS's current goal is actually to send a warning to some non-compliant KOLs and scattered groups through this wave of regulations."
Recently, some KOLs and exchange practitioners have chosen to suspend their businesses, go on vacation, or remain watchful.
03 Tale of Two Cities: The "Talent War" Between Hong Kong and Dubai—Is There Really a "Utopia"?
As Singapore closes its doors, Hong Kong and Dubai have almost simultaneously opened their arms.
After the new regulations were announced in Singapore, a member of the Hong Kong Legislative Council directly called out on social platform X: "If you are currently engaged in related industries in Singapore and intend to relocate your headquarters and personnel to Hong Kong, I am willing to provide assistance. Welcome to develop in Hong Kong!"
The appeal of Hong Kong lies not only in its welcoming stance. On May 30, 2025, the same day Singapore released its new regulations, the Hong Kong Special Administrative Region government published the "Stablecoin Ordinance" in the gazette, officially becoming the world's first jurisdiction to establish a comprehensive regulatory framework for fiat-backed stablecoins.
The core innovation of this ordinance lies in strict entry requirements, strong reserves, and guaranteed redemption: it requires issuers to apply for a license with a minimum registered capital of 25 million HKD; implement a regulatory mechanism of "100% fiat reserves + independent custody + monthly audits"; and ensure users can redeem stablecoins at face value at any time.
Meanwhile, Dubai is attracting global crypto attention with an unprecedented approach. The popular phrase at the TOKEN2049 conference, "Habibi, Come to Dubai," has vividly illustrated Dubai's efforts to compete for crypto talent.
Dubai offers businesses a highly competitive tax environment: companies with annual revenues below 3 million AED (approximately 815,000 USD) are exempt from corporate income tax. Dubai has also established the world's first independent digital asset regulatory authority—the Virtual Assets Regulatory Authority (VARA)—committed to creating a coherent and progressive regulatory environment.
However, can simply opening arms and calling out warm words lead to unreserved engagement? The author expresses serious doubts. Firstly, the trend of global regulation is becoming increasingly evident; no region or country can independently enjoy the benefits of globalization without adhering to the rules. If that were the case, that country or region would be automatically screened out of the ongoing global flow of capital. Therefore, no one dares to take the risk of unconditionally accepting it. Secondly, whether in Web3 or stablecoins, they are essentially being thrust into the spotlight from being mere bystanders under the existing sovereign financial regulation and sovereign credit currency-dominated system. This is a perfectly normal outcome of technological innovation being absorbed. The author is surprised by the shock and disappointment expressed by many after hearing this information. The entire world still operates on a foundation of rules and mutual credit, and there is no so-called "utopian" world. Perhaps this "utopia" is the ultimate home that some people yearn for, but sorry, it is not now, not in the present, and not in the "material" world of Crypto!!!
04 Stablecoins and RWA: Opportunities in the New Regulatory Era—A Game of Replacing Birds in the Cage
In this regulatory earthquake, stablecoins and the tokenization of real-world assets (RWA) are becoming the most promising areas for development.
The stablecoin market is experiencing explosive growth. According to Deutsche Bank data, the total market value of stablecoins was approximately 20 billion USD in 2020, and by May 2025, it had soared to 249.7 billion USD, an increase of over 1100% in five years.
The activity of stablecoins in cross-border payment settlements is continuously rising. Data shows that in the past 12 months, the settlement volume of stablecoins in cross-border payments reached 2.5 trillion USD, ten times that of 2020.
At the same time, RWA (real-world asset tokenization) is becoming the next trillion-dollar market. As of early June 2025, the total on-chain value of RWA was 23.1 billion USD (excluding stablecoins), a year-on-year increase of over 110%.
Globally, the dominance of "minting rights" for digital currencies is becoming a focal point of competition among countries. In addition to Hong Kong, the United States, the European Union, Africa, and other regions are also fiercely competing for dominance in stablecoins.
The U.S. has introduced the "GENIUS Act," attempting to incorporate stablecoins into the national strategic framework to consolidate the dollar's dominance in the global monetary system; the EU's "Crypto Asset Market Regulation" aims to redefine the digital financial order with a unified regulatory framework.
05 The Moat of License Holders: Strategic Advantages in the New Landscape—The Cost of Trust, Also an Opportunity for Pioneers
In this regulatory turning point, institutions that can cross high thresholds and successfully obtain licenses are gradually building clear competitive barriers. According to the MAS website, as of now, only 33 companies have obtained Digital Payment Token (DPT) licenses, including Coinbase, Circle, and MetaComp.
These institutions are no longer just service providers; they are the "whitelist" members who have completed identity verification in the new financial order. MetaComp is one of them. As a large payment institution (MPI) authorized by MAS, MetaComp not only holds licenses for cross-border payment and DPT business but also, with the support of its parent company Alpha Ladder Finance, has built a comprehensive compliance system covering payments, securities, custody, derivatives, and more.
This structure includes:
• Large Payment Institution (MPI) license, covering digital token payments and cross-border payment services;
• RMO (Recognized Market Operator) qualification;
• Multiple CMS (Capital Market Services) licenses, including securities trading, derivatives, and collective investment schemes;
• Professional custody license, capable of serving traditional capital market assets and asset tokens;
• And independent auditing, anti-money laundering (AML), and counter-terrorism financing (CFT) mechanisms.
The combination of these licenses allows it to legally provide stablecoin exchanges and digital asset clearing, as well as support the compliant issuance of real-world asset (RWA) tokens, becoming a highly scarce financial infrastructure platform in the new regulatory environment.
It is worth noting that this trend is not limited to Singapore. Looking globally, regulation is accelerating its extension to stablecoins and RWA. For example, the U.S. will launch the "GENIUS Act" in 2024, attempting to incorporate stablecoins into the national strategic framework to strengthen the dollar's global dominance; the EU is also establishing a unified regulatory framework through the "Crypto Asset Market Regulation" (MiCA). These signals collectively indicate that future digital financial participants must not only have advanced technology but also prioritize compliance.
In this context, compliance itself is becoming a high-threshold "new scarce resource." MetaComp has established a cooperative network with globally licensed institutions and has built localized settlement infrastructure in regions such as Southeast Asia, the Middle East, Central Asia, Africa, and South America. Combined with its self-developed StableX intelligent engine system, it achieves optimal routing and instant clearing between USD and stablecoins through AI and multi-currency path algorithms, providing efficient and low-cost solutions for global capital flow under compliance.
On the other hand, Alpha Ladder has been exploring RWA since 2021, launching projects such as carbon-neutral tokens and money market fund tokens, establishing an end-to-end issuance platform from structural design, legal compliance to custody and auditing, focusing on serving green finance, traditional securities, and cross-border asset tokenization.
These layouts are not market gimmicks but are strategically constructed based on rigorous compliance and years of practical experience. In the next decade, as the "GENIUS Act" and various national regulations deepen in parallel, compliance capability will become a watershed in the industry. Those pioneers with pre-existing licenses, solid payment networks, and RWA issuance structures are likely to define rules and move steadily forward in the new round of global digital financial order.
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