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Straits Times
2 days ago
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- Straits Times
The crypto bros are back: ‘The hubris never really left'
Sign up now: Get ST's newsletters delivered to your inbox SINGAPORE – Ask anyone working or investing in crypto about the industry's outlook in 2022, and he or she would likely have pursed his or her lips. That year saw a series of headline-grabbing implosions. FTX, one of the world's largest cryptocurrency exchanges at the time, filed for bankruptcy. Singapore-based crypto hedge fund Three Arrows Capital collapsed, owing creditors over US$3 billion (S$3.85 billion). Cryptocurrencies TerraUSD and Luna cratered in value, collectively wiping out US$45 billion in market cap. Cryptocurrency values plummeted as layoffs rocked the sector, with industry watchers heralding the start of a crypto winter. Three years on, the mood has shifted. Bitcoin's value has soared to historic highs of over US$100,000 – it topped $140,000 in January – buoyed by US President Donald Trump's crypto-friendly administration, and the growing adoption of cryptocurrencies by large financial institutions such as Goldman Sachs, BlackRock and DBS. The world's largest crypto conference, Token2049, expects to welcome 25,000 participants to Singapore in October. When the event first launched here in 2022, it drew around 7,000 attendees spread out across one floor of the Marina Bay Sands Expo and Convention Centre. In 2025, the conference will sprawl across five floors. Top stories Swipe. Select. Stay informed. World Trump says he will meet Putin on Aug 15 in Alaska Opinion This US-India spat is going from bad to worse Asia Chinese villagers hit by worst floods in generations say they had no warning Singapore 'This is home', for retired shop owner putting up 11th flag display in Toa Payoh to mark SG60 Singapore Nation building is every Singaporean's responsibility, not the work of one party alone: Pritam Asia 'Very nerdy' hobby of doujinshi self-publishing is a growing billion-dollar market in Japan Business Are you set to retire comfortably in Singapore? Business When a couple's two-home dream turns into nightmare The crypto bros (and girls) are back, with a vengeance. Among the 15 who spoke to The Straits Times, the mood is optimistic, even celebratory. 'Post-Trump's election, crypto has been on a tear upwards,' says Mr Kaushik Swaminathan, 29, head of strategy at Web3 security firm Zellic. Web3 is a term used by the industry to refer to a new iteration of the web fuelled by blockchain technology. 'When the price goes up, people feel rich. When people feel rich, they do indulgent things,' says the Yale-NUS College liberal arts graduate. 'So, while the broader tech market may be compressing or in a hiring slowdown, crypto kind of feels like it's facing the opposite.' He points to the recent EthCC crypto conference attended by 6,400 in Cannes as evidence. The city in the south of France, a popular spot for the rich and famous, was 'overwhelmed by crypto people' in June in events that took over yachts, chateaus and Michelin-starred restaurants. 'If you are in the beautiful French Riviera in the middle of summer for a 'work conference', then things are probably doing fine,' he muses. 'The hubris never really left crypto, but when Bitcoin is trading above US$100,000, people are willing to do more of this kind of stuff.' Token2049's conference in Singapore in 2024 drew over 20,000 participants. PHOTO: TOKEN2049 Increasingly, crypto bro culture – born of internet memes lampooning central banks and counter-cultural idealism about decentralised finance – is making inroads into the mainstream. It is now gaining converts among fresh graduates who might once have gunned for careers in traditional finance or big tech, despite its enduring relationship with scandal. Anti-establishment vibe The mixture of idealism and opportunism in crypto has spawned an industry culture with an 'anti-establishment' vibe unlike that of traditional tech and finance. Singaporean crypto enthusiast Imran Mohamad, 41, recalls once being gifted a thumb drive containing some bitcoins by an enthusiastic entrepreneur in 2010. Back then, it was a little-known technology mostly discussed in fringe internet forums and was valued in mere cents. 'I have no idea where that thumb drive went,' says Mr Imran, head of marketing (Apac) for blockchain company Move Industries. 'If I had foresight, maybe I wouldn't even need to have this interview with you.' Mr Imran Mohamad's career in crypto has charted the sector's many boom and bust cycles. PHOTO: COURTESY OF IMRAN MOHAMAD Thereafter, his on-again-off-again relationship with the crypto sector mirrored its many boom-bust cycles. During the 2017 initial coin offering (ICO) boom, he ran a marketing agency that worked with crypto clients. 'For most of those companies, nothing ever materialised,' says the National University of Singapore (NUS) business graduate. 'Who really won here was the person who minted the tokens – and ran.' These online sales, opened to the public, were driven by social media hype and revolved around white papers laying out how proceeds would be used to develop a 'hot new token', as well as how much investors would gain by buying in early. After he soured on the industry after having to threaten some crypto clients with legal action over non-payment of fees, he later returned to the industry in 2022 to head marketing for Kyber Network, a crypto trading platform – until it was hacked for assets valued at over US$50 million. While Kyber eventually paid off its creditors, he notes they still lost out on the potential gains of their investments. Such experiences are not uncommon in crypto, with insiders sharing the heady mixture of 'fear of missing out' (Fomo), deeply held optimism and even an acceptance that malicious behaviour is the norm. Instead of introducing themselves on LinkedIn or proffering business cards, crypto workers usually prefer communicating over Telegram and X (formerly known as Twitter) or rubbing shoulders at events that blur the boundaries between work and play. Mr Aneirin Flynn (left, pictured at the start-up competition Meet The Drapers) opted not to go to university so he could get straight into working. PHOTO: FAILSAFE Young Singaporeans like Mr Aneirin Flynn, 31, are emblematic of the subculture's freewheeling approach. As chief executive and founder of a crypto cybersecurity start-up, he has hired an engineer who once hacked into his firm by finding a vulnerability in its code. Many in the sector operate under the veil of anonymity, and avoid putting out their real names and pictures online out of fear of being doxxed and hacked. 'He didn't want to tell us his real name or where he was from,' says Mr Flynn, who adds that he later found out the hacker was based in Egypt. After a few months of working together and building trust, the hacker turned out to be 'one of the good guys'. He adds: 'Today, he's a real pillar of our company. This big burly man with a huge beard and kids, who's the friendliest guy ever.' However, he concedes: 'But there was a real chance that he could have been a bad guy.' Even the idea behind Mr Flynn's firm, FailSafe, was inspired by a hack in 2022 that cost him around $20,000 – something he suspects stems from him placing his trust in the wrong developer. After his A levels at Victoria Junior College, he skipped university to join a start-up. He notes that while Web3 espouses an idealistic and 'trustless' future of the internet without a central authority, the reality is that 'it means you're on your own'. The prevalence of fraud is why face-to-face interactions matter more now to crypto workers like Mr Flynn. So, while others might prefer to network through partying at the events which sprout up around the annual Token2049 conference, he prefers making connections through running events that mean 'sweating together and getting to know how we'd operate under intense circumstances'. Token2049's eclectic culture shines through in its meme-infused, unserious and casual vibe. PHOTOS: TOKEN2049 Token2049 exemplifies the industry's eclectic culture, with the Singapore-based event featuring speakers as diverse as Canadian Vitalik Buterin (co-founder of the Ethereum cryptocurrency), British F1 driver Lando Norris, American whistleblower Edward Snowden and Australian rapper Iggy Azalea. Insiders say the real activity happens not on the conference stage, but at the deluge of side events such as invite-only mixers and after-parties. At the expo, attendees can dip into ice-cold plunges and ride a mechanical bull, metres away from a panel discussion. Resistance money Meme culture infuses the annual Token2049 conference. 'Hodl' is a rallying cry for crypto investors to hold on to their assets despite turmoil. PHOTO: TOKEN2049 Part of the reason for the sector's counter-cultural energy – at the intersection of fringe internet communities, tech and finance – comes down to its origins. 'Crypto is by nature a rejection of financial institutions and central banks,' says Dr Andrew Bailey, a professor of philosophy at NUS and author of Resistance Money (2024), a book on Bitcoin. 'Someone who's attracted to that is likely to have suspicions about other kinds of institutions and norms as well.' The modern conception of cryptocurrency emerged in the wake of the 2008 financial crisis, when libertarians, anarchists and criminals sought decentralised alternatives to what they saw as a financial system that no longer served their needs. Different generations have found different entry points to crypto. Its earliest adopters were computer programmers likely drawn in by fringe internet communities or online black markets, while later adopters, such as Gen Zs and younger millennials, were likely introduced by viral internet memes or influencers preaching a new pathway to success. Disillusionment is the common unifying force, says Dr Bailey. Many who have embraced the subculture feel they have detected a field where they can get an edge over others to achieve lucrative short-term gains. 'I don't want to be too dismissive of a desire to get ahead in a world they feel is unfair,' he says. 'The people I interact with who are aged 18 to 24, they feel that powerfully. I would say they feel that more powerfully now than their age group five to 10 years ago.' What results is a subculture dominated by those who are typically young, male, tech-savvy and displeased or dispossessed by financial institutions. Much like the tech industry, the crypto sector remains largely male-dominated. PHOTO: TOKEN2049 One face of the shifting public attitudes towards cryptocurrency is Mr Jeremy Tan, 34, a businessman and crypto investor who contested the 2025 General Election as an independent candidate for Mountbatten SMC. Part of his platform included calling for the Government to adopt Bitcoin as a reserve currency. Mr Tan says the end of the 2008 financial crisis birthed a new 'eat the rich' and 'Occupy Wall Street' counter-culture that sparked his interest in Bitcoin – something he is drawn to because of his impoverished upbringing and his desire to find an asset that would not depreciate over time. 'Now, we are seeing the same type of movement,' says the Nanyang Technological University business graduate, opining that similar disgruntlement over the economy is fuelling interest in crypto among Singaporeans today. 'Our generation's 'Occupy Wall Street' will be of artificial intelligence and youth unemployment.' Such thinking is echoed by other enthusiasts and advocates who spoke to ST. Some complain of being unable to join the 'high-net-worth club' because of an 'unfair' financial system, and extol cryptocurrency's potential to level the playing field by creating a new scene without established experts. However, Web3's decentralising ethos does not mean crypto subculture can self-regulate or has a coherent ideology. Though the technology was initially envisioned as a 'superior' alternative to centralised finance, most crypto workers speaking to ST see growing interest from regulators and banks as a positive sign. Mr Tan weighs in on how he resolves this ideological tension.'The original ideology is that money is being debased, and we need to fight governments with 'resistance money'. 'I would say the original ideology is starting to meet its updated form, because stablecoins and Bitcoin enable one type of revolution to occur, which is to finally rely on technology and mathematics instead of poor fiscal planning.' Not unlike the Wolf of Wall Street An after-party for Token2049 Singapore 2024. PHOTO: TOKEN2049 This anti-establishment vibe is one that many in the field are eager to shed. Nearly all industry insiders ST spoke to sought to downplay the sector's links to high-rolling excesses and jet-setting, instead preferring to focus on the ways the sector has 'grown up' since 2017. Mr Joash Lee is a 22-year-old Columbia University student who invests in Web3 and AI start-ups through Iron Key Capital, a club where funds are pooled to invest in start-ups. He says while it is not uncommon to see crypto firms or conferences rent yachts and nightclubs for events, this is tame compared with the 'free money' era pre-2022, when slapping 'Web3' on a pitch deck meant that venture capital would line up to fund one's seed round. Others say the sector's 'youth' explains its predisposition towards such a lifestyle, or splurging on models and influencers to fill out one's entourage, and creating costumes and parties referencing obscure internet memes. Dr Loretta Chen (pictured at Token2049) believes the excesses that crypto is associated with are a sign of the sector's youth. PHOTO: SMOBLER 'When this whole notion of cryptocurrency was unleashed, it was the younger generation and digitally savvy that embraced it,' says Dr Loretta Chen, 48, founder and chief executive of local Web3 start-up Smobler. 'With this sudden flush of cash, when you're young, you will say, 'Wow, let's go throw a party', right?' Frequent comparisons were made with the excesses of 1980s Wall Street – as depicted in the 2013 movie The Wolf Of Wall Street – before regulation started to instil discipline. Ms Soh Wan Wei (right) with Hide the Pain Harold (a popular internet meme) at an ARC Community party in 2024. Members of ARC got to buy the Memeland token at an early stage. PHOTO: COURTESY OF SOH WAN WEI Another visible example of the sector's embrace of party culture is the private members' club ARC Community, known for its extravagant annual parties held by its Singaporean co-founders, which include singer JJ Lin and influencer Elroy Cheo. Members of this social club must own its non-fungible tokens (NFT), a type of digital asset, which are now being sold on online marketplace OpenSea starting at $4,000. Members received early access to purchase the Memecoin cryptocurrency created by internet culture website 9GAG, whose founder is also an ARC member. In 2024, they gathered for a meme-infused celebration featuring guests like Hide the Pain Harold, the coin's ambassador. The coin has since plummeted in value. In response to queries, ARC Community's head of brand Jaclyn Lee declined to discuss its parties or the lifestyles and networking habits of its members. 'We try not to go with these kinds of angles because it kind of furthers the impression that Web3 is not seen as very legitimate,' she says. This sensitivity to outside perception explains why the crypto world increasingly shuns talk of its parties and founders' high life, in favour of glossy magazine spreads about a founder's story and how he or she fell in love with the technology instead. Chasing waterfalls Members of the sector are eager to downplay its relationship with partying and jet-setting. PHOTO: TOKEN2049 The technology that underpins cryptocurrency remains in its early stages, which means that while some use cases exist, rampant speculation remains the norm, notes Dr Li Xiaofan, an assistant professor at NUS who researches cryptocurrency and cybersecurity. Dr Li recalls past examples of students being inspired to take on internships and a career in the crypto sector, only to emerge disillusioned. 'They thought they would be designing systems, or trying to improve it in certain areas, but in the end, they realised it's more like sales,' he says. 'Getting clients and money is much more important than developing the technology.' Lack of cryptocurrency regulations in many parts of the world means the magnetic pull of short-term gains – typically by exploiting gaps in investor information – can be impossible to resist. The ICO bubble of 2017 was the result of a flood of interest from members of the public, many of whom acted out of a fear of missing out on being an early investor in an Apple- or Google-like tech offering. But unlike initial public offerings (IPOs), the risk is not mitigated by financial reports and auditors, making investing in some crypto assets akin to operating in the thick fog of war. This involves scams and other activities where insiders profit at the expense of others left holding the bag, misrepresenting the extent to which a product actually involves blockchain technology, and building ecosystems to facilitate more crypto activities. 'People attracted to this industry do have certain qualities,' observes Dr Li. 'In my opinion, this may delay its development for the long-term good.' Experts say hype and speculation drive the crypto sector's focus on quick profits over long-term value. PHOTO: TOKEN2049 'The way to make money in crypto is to think of this as a waterfall of sh**,' Dr Bailey sums up a commonly held worldview in crypto bro circles. 'Either the sh** is falling on you, or you're higher up and safe from it and sh**ting on others instead.' This normalisation of malicious behaviour is echoed by many in the industry. For instance, one marketing professional argues that the 'extremely high failure rate' is not unlike that of tech start-ups. Another, when asked how he felt after the high-profile crashes of 2022, says 'it's normal to go through such things' and that it is outweighed by the joy of being in an emerging sector. The idea of a 'zero sum game', where profiting means somebody else must lose out, is common terminology. 'It is PvP (player versus player), not PvE (player versus environment),' Dr Bailey adds, referring to the video game labels for competitive instead of cooperative gameplay often used by crypto users. 'If you are taking something out, someone is putting that money in.' Yale-NUS College graduate Kaushik Swaminathan says after working in the sector since 2021, he has become wired to think in a more transactional way. PHOTO: COURTESY OF KAUSHIK SWAMINATHAN As Mr Swaminathan observes: 'People get upset at crypto when they lose money, and excited when they make money. Nobody really cares about the scandals, it's just that the downstream effect of the scandals is that they lose money. You need to have thick skin to survive in crypto, and those who have are mostly numb to the noise of the outside world.' Something he finds unsettling is how, after working in the sector since 2021, he has become wired to think in a 'more transactional' way. 'This is not something I love,' he says. 'Once you're in the crypto black hole, money becomes the currency or language of every interaction.' This means when someone approaches him at a conference with an idea, his default state of mind is if he is about to be taken advantage of. 'People use the phrase: 'I don't want to be your exit liquidity',' he says, explaining that it means 'I don't want to be the sucker that you're able to offload your things on'. 'Cultish' Ms Soh Wan Wei, 37, who has been investing and working in the crypto sector since 2017, takes a harsher view, saying she is not a fan of the 'I do what I want' culture that she sees as pervasive in the scene. Ms Soh Wan Wei (pictured speaking at a fintech event) says money warps the morality of those working in crypto. PHOTO: SIBOS 'You have people from Binance going to jail, and coming out, and people treat him like a god,' she says, referring to crypto exchange Binance's former chief executive Changpeng Zhao's four-month prison sentence for money laundering in 2024. 'If suddenly one's net worth goes up by 1,000 times, you will treat the guy as a god,' she adds. 'It's very cultish.' There is a sense that wealth equals morality, she adds. She recalls instances when crypto bros would flex by showing off pictures of themselves in castles and helicopters. Wanting to build rapport, she would 'just clap for him and say 'good for you, I'm so happy for you'.' Still, she concedes there is an addictive quality to the sector's volatility. Despite the threat of 'rug pulls' – where founders flee with investors' funds – and seeing the value of one's assets nosedive, the adrenaline high of a successful bet is alluring. 'The feeling is like buying Labubus.' These days, she prefers to stay away from crypto conferences. 'The barrier to entry is so low,' she adds. 'Just buy Bitcoin and get rich off it.' Such volatility also sharpens the subculture's ideological zeal as it weeds out those without sufficient grit or belief to hold on after a high-profile crash. A few weeks after joining Web3 software company Animoca Brands in 2022, Mr Brian Chan witnessed an industry rattled by the high-profile conflagration of the Luna cryptocurrency, followed by FTX's spiral, which signalled the start of the industry's bear market era. 'The volatility of crypto is a feature, not a bug, of the industry,' says Mr Chan. Splitting his time between Hong Kong and Singapore as Animoca Brands' deputy chief executive, he heads the development of a blockchain chess game Anichess, in collaboration with This volatility flushed out some 'non-believers' not only at Animoca but also across the sector, he observes. The company has a staff strength of 10 in Singapore. The uncertainty also guides how recruiting managers in the sector sift out applicants. 'When we hire, we do look at culture and values,' says Mr Chan. 'When I hire my specific teams, I care less about their CVs and their resumes, and I care more about what they have actually done in the space. That will give you some indication whether that person is in it for the long term. Whether he or she is a true believer or is solely in it for the upside.' This emphasis on non-traditional metrics is part of what makes the sector so appealing to young and hungry talent, especially when compared with traditional finance, where brand-name university qualifications reign supreme. Still, Mr Chan identifies something different about the newest wave of interest in the sector. While past cycles of growth were driven by the 'euphoria of pumping and dumping', 2025 is seeing more and more suits lending the scene new-found legitimacy. Is Singapore becoming a crypto capital? The OKX Singapore office at the Marina Bay Financial Centre. The company has over 900 employees in Singapore. PHOTO: OKX SINGAPORE While crypto bro culture is facing a resurgence globally, industry insiders are divided on whether Singapore is becoming a crypto capital as local regulations paint a complex picture. In June, the Monetary Authority of Singapore (MAS) tightened the rules, requiring crypto service providers serving customers outside of Singapore to be licensed. Previously, only those serving Singapore customers needed to be. Other restrictions also include a ban on crypto companies advertising their services in Singapore, as well as requiring providers to perform customer due diligence and report suspicious transactions. Experts speaking to ST say several issues hinder proper regulation of the sector. These include the lack of tools for auditors to ensure smart contracts (computer programs that run on blockchains) work properly and safely, the prevalence of cybercrime, the ease of anonymity and market manipulation, and the lack of responsible authorities in many cases. 'While the promise of blockchain and cryptocurrency is enormous, regulators need to address these complex challenges head-on,' says Dr Daniel Rabetti, an assistant professor at the NUS Business School. Asset tokenisation remains one promising use case of the technology, he adds. This refers to the ability to represent real-world assets as digital tokens, thereby democratising access to traditionally illiquid markets and creating a greater level of financial inclusion. Industry insiders say over the years, a shift towards institutionalisation has meant an exodus of those who prefer to operate in the greyer areas of the crypto world, as well as those who reject compliance and monitoring requirements. On Aug 1, the Singapore Police Force and MAS announced that local cryptocurrency trading platform Tokenize Xchange was under investigation. A director of its parent company was also charged with fraudulent trading. Prior to this, the company said it had ceased operations in Singapore and was relocating to Malaysia. Meanwhile, news agency Bloomberg reported in June that unlicensed exchanges such as Bitget and Bybit were planning to shift existing operations in Singapore to Dubai and Hong Kong. At the same time, the highly remote nature of the crypto sector means that many who work for unlicensed exchanges – which are not allowed to solicit Singapore customers – such as Binance continue to live and work out of Singapore. It is not just regulation that plays a role, as some argue that crypto's emphasis on decentralisation and breaking with norms appears to be incompatible with Singapore's emphasis on centralisation and stability. Privately, some say the sector's workers are more likely to embrace non-traditional ways of living that can be hard to live out in relatively conservative Singapore. One of the most headline-grabbing aspects of the FTX collapse was its leaders' co-living and polyamory, or having multiple partners. Indeed, the size and density of Singapore's crypto scene means nearly everyone knows everyone else, creating a vibe akin to a 'village' or 'middle school', rather than a growing hub, outside of conference season. This means gossip travels quickly and people can close ranks easily. Dr Loretta Chen (right) believes that Singapore's crypto regulations mean firms here can tout compliance as their competitive edge. PHOTO: SMOBLER However, enthusiasts like Dr Chen are optimistic about Singapore, arguing that the Republic is a natural hub for 'incredibly intelligent people' and high-net-worth individuals because of its reputation for safety and strong regulatory frameworks. She notes that whenever Mr Buterin visits the country, he does so without a security entourage and uses public transport, something that cannot be done in other crypto hubs. Being in Singapore also engenders a different kind of company set-up, says Dr Chen, who adds that Smobler stays away from the temptation of short-term profit of 'sh**coins and memecoins' and has diversified by going into AI and virtual reality. 'The technology lends itself to it, and many jump on that bandwagon, but we do not,' she adds, noting a long-term orientation is necessary for working closely with financial institutions and regulators. 'Regulation provides training wheels and guardrails,' says Mr Swaminathan. 'We can't be cowboys forever.' Enter the suits As regulators and financial institutions increasingly engage with crypto bros across the globe, it is giving the sector a growing veneer of legitimacy. This is channelling in more workers who might once have been destined for traditional finance or consulting careers. Crypto enthusiasts like Mr Tan note that as banks and family offices increasingly discuss crypto and hold related events, it has created a 'movement away from the original crypto bro Twitter culture'. Mr Hassan Ahmed (top right, with the Coinbase Singapore team) says the company is seeing an influx of interest from applicants. PHOTO: COINBASE Mr Hassan Ahmed, Singapore country director for Coinbase, one of the world's largest cryptocurrency exchanges, echoes this viewpoint. 'The regulatory uncertainty was not just weighing on companies and capital allocators, but also on job applicants,' he says, referring to the pre-2025 years. 'Perhaps I wouldn't want to make my career path in an industry that might be driven offshore.' Coinbase has a staff strength of about 100 in Singapore. Mr Ahmed notes it is now seeing a record number of applicants. Similarly, crypto exchange OKX Singapore's chief executive Gracie Lin, 43, says her 900-strong firm has seen a strong uptick in interest from applicants. There were three times the number of applications in the first half of 2025 than over the same period in 2024. Such interest is not only confined to 'Web3 natives', but also from experienced applicants from traditional tech and finance, as well as new graduates. 'It feels like the industry has entered a more confident, post-winter phase, and regulatory clarity in Singapore and other key markets has definitely contributed to that momentum,' she says. This change is also visible at Token2049. Mr Chua Ee Chien, Token2049's commercial director, says the conference is seeing a surge of interest from organisations outside the world of crypto. PHOTO: TOKEN2049 Mr Chua Ee Chien, 37, the conference's commercial director, says four years ago, all the speakers at the event were from the crypto sector. More recently, it has welcomed speakers from BlackRock and Goldman Sachs. Attendees say this can at times create a puzzling mish-mash of cultures. On one side, suited bankers and regulators hold roundtable discussions. On the other side, men in T-shirts and shorts rub shoulders with scantily clad women in costumes or jump into cold plunges. 'And I'm sitting here thinking this is the reason crypto doesn't have more adoption on the institutional level yet,' says Mr Flynn. 'But that paradox, it's fascinating. It's what draws people like me to the space.' One such person making a hard pivot from traditional finance to crypto is Mr Eddie Hui, 50, who relocated to Singapore in 2022 from France to join MetaComp after 23 years at French bank Societe Generale. MetaComp is a digital payment solution provider, with products including a cross-border payment infrastructure powered by stablecoins, typically cryptocurrencies pegged to an existing currency like the US dollar. 'Up until recently, if you mention digital assets, people wouldn't know what you're talking about,' he says. 'If you mention crypto, they'll say it's a scam. But with the Genius Act, it really brings a lot of legitimacy into the space.' The Genius Act is a US federal law aiming to create a comprehensive regulatory framework for stablecoins, which was signed into law by President Trump in July. Dr Emiliano Pagnotta, an associate professor of finance at Singapore Management University, says stablecoins have emerged as the dominant use of crypto. In 2024, on-chain stablecoin settlement volumes surpassed US$15 trillion, eclipsing both Visa and Mastercard. 'Yet, despite this growth, regulatory ambiguity has remained a barrier to broader adoption. That changed with the recent passage of the Genius Act in the US,' he says. Dr Pagnotta adds that Bitcoin has also become a household name, and is now only behind gold and the top six US firms in market cap (Nvidia, Microsoft, Apple, Amazon, Alphabet/Google and Meta). Since the launch of US spot Bitcoin exchange-traded products in 2024, integration with traditional finance has accelerated, drawing over US$54 billion in inflows. 'In 2025, a notable trend has emerged: corporations acquiring Bitcoin as a treasury reserve asset,' he says. 'Overall, this momentum is unlikely to fade, given persistent global concerns over fiat debasement, geopolitical instability and property rights erosion.' Meanwhile, Dr Christian Hofmann, an associate professor at the NUS faculty of law, says even central banks are now exploring the use of similar technologies. 'Of particular interest is the concept of wholesale Central Bank Digital Currency (CBDC) – a tokenised form of central bank money,' says Dr Hofmann. 'Especially in the context of cross-border transactions, such CBDCs could facilitate inter-jurisdictional payments and reduce dependence on existing private-sector intermediaries, notably the correspondent banking network.' Mr Eddie Hui, who made a hard pivot from banking to crypto, is emblematic of the growing institutionalisation of the sector. PHOTO: METACOMP For Mr Hui, a long-time banker, making the shift to crypto has not been without growing pains. For one thing, there is the constant need to educate and explain the product when dealing with traditional finance institutions. 'I never expected to be doubted in my field of work,' he says. 'You need to do a lot of education for people to understand what you're trying to do.' 'It's very different from the banking industry, where everyone who wants to work in the industry has studied finance at some point,' he says. 'When you work in crypto or digital finance, you cannot say, 'Please find me a candidate with over 10 years of experience.' There are a few of them, but it's more difficult to find.' Still, Mr Hui concedes that many of the firm's senior staff come from traditional finance backgrounds. 'All this experience and knowledge we acquired in traditional finance, what we're trying to do is apply it to the digital assets space as well.' For some of the insiders who spoke to ST, such institutionalisation marks a shift away from the sector's wilder and more informal subcultural origins – once premised on distrust towards centralised finance. 'The traditional prestige indicators that you normally look for in investment, banking or traditional tech roles – they're all coming into crypto,' says Mr Swaminathan. 'People care about your Ivy League education, your big tech resumes,' he says. 'They care about things that five to eight years ago, they certainly didn't. Now, it's frankly not all that different from if you were applying for a job at Google.'
Yahoo
19-07-2025
- Business
- Yahoo
The Node: The Mad Journey from Terra to GENIUS
Remember Terra? Do Kwon's layer 1 was designed in such a way that its native token, LUNA, worked in tandem with the network's algorithmic stablecoin, UST. When you minted new UST, you destroyed LUNA tokens (thereby constricting supply), and when you redeemed UST, you created new LUNA (expanding supply). That system worked wonderfully as long as UST experienced great demand — which it did, for a while, thanks to a 20% yearly interest on the coin supplied by Anchor Protocol. But in May 2022, huge selloffs caused UST to lose its $1 peg; market participants rushed to redeem their UST, creating a massive new amount of LUNA and pushing the token's price down, which of course led to more UST redemptions, and so on. Over $40 billion in market value was obliterated in 72 hours. Terra's collapse shook the crypto industry, which back then was levered to the gills. Crypto hedge fund Three Arrows Capital blew up, while crypto lenders such as Voyager, BlockFi and Celsius went bust. If that wasn't enough, the U.S. imposed sanctions on Ethereum's Tornado Cash, sending developers all over the world in a bit of a panic. After CoinDesk's Ian Allison reported in November 2022 that Alameda was quite possibly broke, people started yanking their funds out of FTX, which led Bankman-Fried to freeze withdrawals. It turned out that SBF had been fraudulently using FTX customer funds to palliate losses incurred by Alameda Research over the course of the years. Bankman-Fried was arrested (and subsequently sentenced to 25 years in prison) shortly after FTX filed for bankruptcy. Shortly after FTX's demise, SEC Chair Gary Gensler began an aggressive campaign against the sector, suing a huge number of crypto firms (including Coinbase and Kraken) and ushering in an era of 'regulation by enforcement' that was decried by the industry and friendly members of Congress alike. That wasn't the end of crypto's tribulations. Crypto lender Genesis and bitcoin miner Core Scientific were soon added to the list of casualties. Worse, in March 2023 three crypto-friendly banks (Signature, Silvergate and Silicon Valley Bank) suffered from bank-runs and collapsed, making it significantly more difficult for crypto firms to access the banking system. Nic Carter, a prominent crypto VC, accused the Biden administration of trying to debank the crypto industry by employing an Obama-era strategy, a theory which has since gained traction within Congress and the Trump administration. But the winds of fortune finally turned in crypto's favor. When BlackRock filed for a spot bitcoin ETF in June 2023, it felt like Larry Fink himself was shooting a flare in the dark, signaling that Wall Street was ready to embrace crypto. Two months later, Grayscale defeated the SEC in court on the matter of converting its bitcoin trust into an ETF. The agency had little choice than to greenlight a dozen spot bitcoin ETFs in January 2024, which later became the most successful new ETFs of all time. At first showing signs of reluctance about launching spot ether ETFs, the SEC suddenly scrambled to approve the products at the last minute. Some observers linked the change of heart to Trump's new friendliness towards the crypto industry, which contrasted with Joe Biden's hostility. The fact that the crypto industry donated a tremendous amount of money to the former's campaign (and to other pro-crypto politicians) certainly helped as well; we saw yesterday that the Democratic Party, once in lockstep with Elizabeth Warren's anti-crypto crusade, strongly voted in favor of both the GENIUS and Clarity bills. Trump's overwhelming victory in November sent shockwaves through Washington and the crypto industry. The new administration kept its word, though not without hiccups in the form of Trump- and Melania-themed memecoins. Ross Ulbricht is now a free man, and an executive order has been signed to constitute a bitcoin reserve (multiple states, like Texas, Arizona and New Hampshire, have followed suit). Treasury's OFAC has taken Tornado Cash off of the sanctions list, while the SEC has dropped most of its lawsuits and is gearing up to greenlight a bunch of new crypto ETFs. Debanking is no longer a concern. Congress, meanwhile, just passed the GENIUS Act (which creates a framework for regulating stablecoins (unthinkable in the wake of Terra's collapse!!) and will probably pass the Clarity Act (a more complex piece of legislation that assigns clear jurisdiction to the SEC and CFTC when it comes to crypto) before the end of the year. Not to mention that Coinbase stock is trading at record highs, Tether is now seen as one of the most successful businesses in the world, Circle has gone public, Core Scientific (back from the dead) is on track to get acquired by AI firm CoreWeave, and Michael Saylor's bitcoin evangelization has given birth to a horde of companies looking to follow in his footsteps to purchase as much BTC (or ETH or SOL or even DOGE) as they possibly can. All of these events have been reflected in bitcoin's price. The orange coin, which you could briefly buy for $16,000 after FTX collapsed, is now priced at roughly $120,000, and the total market capitalization of the crypto sector is near $4 trillion (up from $830 million in December 2022). Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Times
11-07-2025
- Business
- Business Times
Getting real on Good Class Bungalow prices
[SINGAPORE] Some time last year, a 30-year-old bungalow in Peirce Hill owned by Kelly Chen, the wife of failed Three Arrows Capital co-founder Kyle Davies, was quietly put on the market at an asking price of S$45 million. No deal materialised then. In May this year, the freehold property, in the Ridout Park Good Class Bungalow Area (GCBA), fetched S$37 million, reflecting S$2,144 per square foot (psf) on the land area of 17,260 square feet (sq ft). A similar-age bungalow at a T-junction in Old Holland Road was put up for sale at S$66.7 million in March 2024 by Teo Hock Seng, chairman of Komoco Holdings. It could not be sold for a year. In April 2025, Teo put the property on the auction block at a reserve price of S$36 million. This was not met at auction but the two-storey bungalow – with six en suite bedrooms, a swimming pool and a car porch for 10 cars – was sold soon thereafter via private treaty. Market watchers believe the price to be between S$35 million and S$36 million, translating to S$1,512 psf to S$1,555 psf on the land area of 23,148 sq ft. Over the past eight months, there has been a string of similar cases of some owners in Singapore's GCB market turning more realistic and lowering their previous price expectations. These transactions involved bungalows in locations such as Joan Road, Gallop Park, Leedon Park, Bin Tong Park and Belmont Road, say agents. They attribute the trend to a cocktail of factors – including the Republic's ageing demographic (with some empty nesters seeking to divest their GCB to free up cash for retirement, among other reasons), an increase in estate sales involving bungalows in GCBAs, higher property taxes and even US President Donald Trump's election. A NEWSLETTER FOR YOU Tuesday, 12 pm Property Insights Get an exclusive analysis of real estate and property news in Singapore and beyond. Sign Up Sign Up According to Realstar Premier managing director Julian Yip, buyers who want a new bungalow in a top-tier GCB location will continue to set record prices. PHOTO: REALSTAR The Old Holland Road bungalow sale, with its estimated 45 per cent gap between the asking price early last year and the eventual transacted price this year, was an exception. The transacted prices for other deals were generally between 5 and 20 per cent below earlier asking prices. That said, the greater willingness to compromise on pricing that is being shown by more genuine sellers is by no means across the board. Owners of new bungalows in top-tier GCB locations and who have holding power are not budging. 'Record psf of land prices will continue to be set in these locations, especially for a very-good-quality new house,' notes Realstar Premier managing director Julian Yip. ' An elderly person who bequeaths a GCB to the next generation may put them in potential conflict. ' — A VETERAN PROPERTY CONSULTANT What's so good about GCBs? Bungalows in the 39 GCBAs are the most prestigious form of landed housing in Singapore. They are nestled mostly in wooded areas on large plots in prime districts 10 (such as Nassim Road, Cluny Hill, Leedon Park and Queen Astrid Park), and 11 (such as Bukit Tunggal and Eng Neo Avenue). There are also a few GCBAs in districts 20 (Windsor Park), 21 (Kilburn Estate including Yarwood Avenue, and King Albert Park), and 23 (Chestnut Avenue). Bungalows in GCBAs are subject to strict planning conditions to preserve their exclusivity and low-rise character. For one, a minimum plot size of 1,400 square metres, or 15,070 sq ft, is specified as the planning norm for newly created bungalows in GCBAs. When GCBAs were gazetted in 1980, they included some smaller existing sites. These are still bound by the other planning guidelines for bungalows in GCBAs if they were to be redeveloped. For example, such plots cannot be further sub-divided. According to List Sotheby's International Realty (List SIR), there are only 2,700-plus bungalows in GCBAs, thus ensuring rarity value. One generally has to be a Singapore citizen to be allowed to acquire a landed property in a GCBA. List SIR's analysis of URA Realis caveats data downloaded on Jul 8 shows there were 10 transactions in GCBAs totalling S$320.4 million in the first half of this year (with the latest deal dated Jun 18). This is down from the 14 deals totalling S$440.7 million in the second half of last year, but higher than the nine deals amounting to S$211.4 million in H1 2024. The two largest deals in H1 2025, at S$58 million each, were a property in Joan Road, on 39,276 sq ft of land area, and another in Gallop Park, on 16,306 sq ft of land area. There were also transactions for which buyers did not lodge caveats. An example is the S$45 million sale of the late pioneer architect Alfred Wong's bungalow in Bin Tong Park. Steve Tay, executive director of Steve Tay Real Estate (STRE), observes that many of the GCBs sold in the fourth quarter of 2024 and this year had been on the market for close to a year or longer. 'The common denominator in these transactions is genuine sellers lowering their asking prices in order to attract buyers,' he adds. For silver-generation GCB owners, selling their bungalow and moving into an apartment or penthouse allows them greater flexibility to travel overseas, says Steve Tay of STRE. PHOTO: STRE What is leading some GCB sellers to compromise on price? KH Tan, managing director of Newsman Realty, says: 'We are seeing a bit more estate sales of bungalows in GCB Areas. There's a tendency to dispose of such properties more quickly if family members are not living in them. Higher residential property taxes since 2023 are one reason for this.' Empty nesters and wanderlust Tay says that sellers who are becoming more realistic on their expectations are typically elderly GCB owners whose children are already married and have moved into their own homes. In some cases, the children may have emigrated for career or business reasons. 'The GCB becomes too big for just the elderly couple.' Very often at this stage of life, silver-generation GCB owners are also looking to travel more frequently and spend a longer time overseas, especially if they have children or other family members living abroad, observes Tay. 'Selling a GCB and moving into a private apartment or penthouse, which they can lock up and go away on a holiday, gives them greater freedom and flexibility to plan their travels.' This property in Joan Road, part of the Caldecott Hill Estate GCBA, transacted at S$58 million this year. It has a land area of 39,276 sq ft. PHOTO: BT FILE Minimising future family conflicts Boutique property consultancy firm JQT Private's executive director Jacqueline Wong highlights that another push factor creating the situation where more owners are willing to compromise on price is a desire to avoid potential inheritance feuds and future family conflicts. In a similar vein, another veteran property consultant, who declined to be named, says: 'An elderly person who bequeaths a GCB to the next generation may put them in potential conflict. Not all the next-generation family members may be in the same financial situation; some may want to sell the GCB, while others may want to hold it for capital appreciation. This may potentially sour their relationship.' Instead of locking up the bulk of their wealth in a single, relatively illiquid asset such as a GCB, an elderly person could sell the bungalow and, say, set aside a portion of the proceeds to fund retirement needs and leave the rest for distribution to the next generation. 'This provides more flexibility of options to the elderly GCB owner and, hopefully, fosters family peace as well,' she adds. Higher property taxes are cited as a consideration for some seniors when selling their GCB, whether the property is for their own occupation or is an investment property kept for rental income. For owner-occupied residential properties, the top-tier property tax rate today stands at 32 per cent, double the 16 per cent in 2022. For some owners, it is not worth the time and effort to hold on to a rental GCB property, says Jacqueline Wong of JQT Private. PHOTO: JQT PRIVATE For non-owner-occupied residential properties, the top-tier property tax rate since the start of 2024 has been 36 per cent, compared with 20 per cent between Jan 1, 2015, and Dec 31, 2022. (See table at bottom of this article.) Says JQT's Wong: 'For some owners, it is not worth the time and effort to hold on to a rental GCB property. Apart from the 36 per cent property tax, they have to bear income tax. For such owners, handling maintenance issues is rather time-consuming and troublesome.' Exuberant GCB-rents party busted Leasing activity for bungalows in GCBAs has been quiet since the August 2023 high-profile anti-money laundering action by the Singapore authorities on individuals originating from Fujian, China. Some of those arrested were living in GCBs, paying eye-popping rentals to the tune of S$150,000 a month. There was also industry talk of a leasing deal done at S$250,000 per month, though this is said to have included the rental of luxury cars and provision of art pieces. Wong says that the highest GCB rentals these days are about S$100,000 a month. 'The tenants I serve are mainly family offices; they hail from diverse markets including India, Taiwan and South-east Asia.' Origin of the trend: Trump's election So when exactly did sellers' expectations start to turn? Yip of Realstar pinpoints it to the election of Trump in November last year. The various promises he made, including hiking tariffs on imports into the US, created an air of economic uncertainty globally, dampening sentiment all around. 'The more serious GCB sellers probably think sentiment is not going to get better, and since prices have appreciated significantly over the years, they might as well adjust their price expectation and sell,' he says. Tay of STRE highlights that some sellers may find more value in selling their bungalows at a lower price target, at the fair market price, and executing their next plans, rather than wait for an indefinite period of time to achieve their desired price target. Buyer profiles and strategies George Lee, key executive officer of Myriad Realty, says some GCB buyers are adopting a wait-and-see attitude, hoping to find a good deal. 'In today's uncertain economic climate, buyers do not want to overspend.' Giving his take, Newsman's Tan says: 'Buyers are prepared to commit if the property suits them and the price is right.' Some of those house-hunting in GCBAs are looking for a home for their own family's occupation; they include those upgrading from a smaller landed property or, in the case of a new citizen, an apartment. 'Lately, we are seeing slightly more potential buyers from the IT industry. 'We continue to see new citizens, mostly from China. They have varying requirements in terms of plot size, between 15,000 sq ft and 50,000 sq ft,' Tan adds. The double-volume living room of the Old Holland Road bungalow sold by Teo Hock Seng. PHOTO: SRI Yip of Realstar classifies GCB buyers into two groups. There are those who are price-sensitive and willing to make a purchase when a property with the right price comes along. His advice to them is: 'If you find something ideal, go for it if it's not too unrealistically priced.' The second group of buyers are 'very location-sensitive' and still willing to pay a premium for the best plots, because sellers of this category of bungalows in GCBAs have the holding power and will sell only if the price is right. Says Yip: 'Buyers who are really keen to purchase a bungalow in one of the top-tier GCB locations will have to give in when it comes to negotiating with such sellers, who are likely to be in a more favourable position. 'If the prices are really unrealistic, they will go for slightly less prime locations such as those at the lower tiers.' This bungalow in Peirce Hill, owned by Kelly Chen, the wife of failed Three Arrows Capital co-founder Kyle Davies, fetched S$37 million this year. PHOTO: BT FILE He offers the following advice to sellers. 'If your intention is to rightsize, or to liquidate, it may not be a bad idea to sell if a reasonable offer comes in. If the GCB you are holding is an investment property, bear in mind that rental yield will be low and property tax payable is high.' In the first five months of this year, Realstar brokered five transactions in GCBAs for which caveats were lodged, down from six deals in the same period last year. For deals for which buyers did not lodge caveats, Realstar brokered two transactions in the first five months of 2025, down from three in the same period last year. Outlook Yip predicts that the total number of bungalow transactions in GCBAs this year is likely to surpass 2024's numbers. List SIR research director Han Huan Mei says: 'Market confidence has been affected by the weakened economic outlook due to Trump's tariffs and the war in the Middle East. Transaction volumes for the whole of 2025 are likely to be similar to 2024's tally of 23 deals, but at prices that are slightly higher.' Realstar's Yip forecasts that prices in higher-tier GCB locations will increase by between 5 and 7 per cent this year. 'In lower-tier locations, prices will be quite stable, with a likely increase of zero to 5 per cent. This will widen the gap between the two segments.' He adds: 'In future, the majority of top-tier GCBs put in the market will be bought by new citizens. Locals are not prepared to keep paying record prices. But new citizens are different, especially those from China. They see what is happening in Hong Kong, where luxury villas are so expensive – and these are leasehold.' To this profile of buyers, even prices of S$5,000 psf or S$6,000 psf on land area are not considered too high for freehold bungalows, notes Yip. 'These new citizens are prepared to pay a premium for a brand-new GCB in a ready-to-move-in condition; it would be a hassle for them to build their own bungalow. As a result, those who want a new bungalow in a top-tier GCB location will continue to set record prices.' Currently, the highest price psf on land for a bungalow deal in a GCBA is the S$6,197 psf fetched last year for a property in Tanglin Hill while it was still under construction. Standing on a 15,150 sq ft site, the bungalow has a built-up area of close to 30,000 sq ft. The close to S$93.9 million deal involved delivering the house on a completed, fully furnished basis, in a ready-to-move-in condition. It was developed by Meir Homes, which specialises in GCBs. The group is now developing a bungalow in Dalvey Estate with a land area of 15,080 sq ft. It will have a built-up area of more than 40,000 sq ft. Meir Homes is understood to be in talks with potential buyers. The selling price is expected to set a new record psf price in the GCB market.
eNCA
30-06-2025
- Business
- eNCA
Tougher Singapore crypto regulations kick in
SINGAPORE - Singapore ramped up crypto exchange regulations in a bid to curb money laundering and boost market confidence after a series of high-profile scandals rattled the sector. The city-state's central bank last month said digital token service providers (DTSPs) that served only overseas clients must have a licence to continue operations past June 30 -- or close up shop. The Monetary Authority of Singapore in a subsequent statement added that it has "set the bar high for licensing and will generally not issue a licence" for such operations. Singapore, a major Asian financial hub, has taken a hit to its reputation after several high-profile recent cases dented trust in the emerging crypto sector. These included the collapse of cryptocurrency hedge fund Three Arrows Capital and Terraform Labs, which both filed for bankruptcy in 2022. "The money laundering risks are higher in such business models and if their substantive regulated activity is outside of Singapore, the MAS is unable to effectively supervise such persons," the central bank said, referring to firms serving solely foreign clients. Analysts welcomed the move to tighten controls on crypto exchanges. "With the new DTSP regime, MAS is reinforcing that financial integrity is a red line," Chengyi Ong, head of Asia Pacific policy at crypto data group Chainalysis, told AFP. "The goal is to insulate Singapore from the reputational risk that a crypto business based in Singapore, operating without sufficient oversight, is knowingly or unknowingly involved in illicit activity."
Malay Mail
30-06-2025
- Business
- Malay Mail
Singapore clamps down on crypto exchanges after scandals, warns foreign-focused firms to shut or comply
SINGAPORE, June 30 — Singapore ramped up crypto exchange regulations today in a bid to curb money laundering and boost market confidence after a series of high-profile scandals rattled the sector. The city-state's central bank last month said digital token service providers (DTSPs) that served only overseas clients must have a licence to continue operations past June 30 — or close up shop. The Monetary Authority of Singapore in a subsequent statement added that it has 'set the bar high for licensing and will generally not issue a licence' for such operations. Singapore, a major Asian financial hub, has taken a hit to its reputation after several high-profile recent cases dented trust in the emerging crypto sector. These included the collapse of cryptocurrency hedge fund Three Arrows Capital and Terraform Labs, which both filed for bankruptcy in 2022. 'The money laundering risks are higher in such business models and if their substantive regulated activity is outside of Singapore, the MAS is unable to effectively supervise such persons,' the central bank said, referring to firms serving solely foreign clients. Analysts welcomed the move to tighten controls on crypto exchanges. 'With the new DTSP regime, MAS is reinforcing that financial integrity is a red line,' Chengyi Ong, head of Asia Pacific policy at crypto data group Chainalysis, told AFP. 'The goal is to insulate Singapore from the reputational risk that a crypto business based in Singapore, operating without sufficient oversight, is knowingly or unknowingly involved in illicit activity.' Law firm Gibson, Dunn & Crutcher said in a comment on its website that the move will 'allow Singapore to be fully compliant' with the requirements of the Financial Action Task Force, the France-based global money laundering and terrorist financing watchdog. Three Arrows Capital filed for bankruptcy in 2022 when its fortunes suffered a sharp decline after a massive sell-off of assets it had bet on as prices nosedived in crypto markets. Its Singaporean co-founder Su Zhu was arrested at Changi Airport while trying to leave the country and jailed for four months. A court in the British Virgin Islands later ordered a US$1.14 billion worldwide asset freeze on the company's founders. Singapore-based Terraform Labs also saw its cryptocurrencies crash dramatically in 2022, forcing it to file for bankruptcy protection in the United States. The collapse of the firm's TerraUSD and Luna wiped out around US$40 billion in investments and caused wider losses in the global crypto market estimated at more than US$400 billion. South Korean Do Kwon, who co-founded Terraform in 2018, was arrested in 2023 in Montenegro and later extradited to the United States on fraud charges related to the crash. He had been on the run after fleeing Singapore and South Korea. — AFP
