Singapore, which has the highest concentration of domestic cryptocurrency industry leaders, has also begun to crack down heavily on the cryptocurrency industry On May 30, 2025, the Monetary Authority of Singapore (MAS) released a response document to the new regulations for digital token service providers (DTSP), which will be officially implemented on June 30 without a buffer period. It is stipulated that unlicensed individuals are not allowed to conduct digital token services in any "business premises" (including remote work, mobile stalls, etc.) in Singapore, covering both local and overseas customers; Overseas company employees are not currently restricted from working from home, but the definition of employees is vague. Regulatory scope: DTSP has a broad definition, including newly operated individuals/partnerships and new companies providing digital token services overseas; The coverage of digital token services includes publishing research reports, which may affect content creators such as KOLs, and MAS has not clarified whether traditional research reports are recognized as related to token sales. Affected groups: Individual: Independent practitioner, content creator/KOL, project core personnel (founder, BD, sales, etc.) Institutions: Unlicensed exchanges (CEX, DEX), DeFi, wallets, NFT and other project parties. This means that the era of regulatory arbitrage in Singapore, once regarded as an "Asian crypto friendly paradise," is over, and the industry is facing a "major retreat." MAS is "extremely cautious" in approving DTSP licenses, only approving them in "extremely limited circumstances