Noticed major panic in SG crypto chats last week, yet not many in NY seem to have heard about the new Digital Token Service Providers regime in SG and its potential global impact. Quick TLDR: - MAS had done a few rounds of consultation before the May 30 announcement, but most SG crypto natives were caught off guard. The rules seemed aimed at unregulated CEXs, MMs/OTC desks incorporated in SG, and their staff physically based in SG, but the DTSP scope felt vague, especially for founders/devs. 🔗 MAS Guidelines: - MAS walked it back a bit on June 6, clarifying utility/governance tokens are out of scope — but still unclear how DEXs/DeFi fit in. 🔗 MAS Clarification: - Perception damage is done. SG’s reputation as a crypto-friendly hub has taken a hit. Might see talent shift to Dubai, the US or maybe HK...?