George Siosi Samuels

Jul 25, 2022

Governments Will Backpedal Crypto Support or Increase Limits

🇸🇬 Singapore welcomed crypto firms. Then it vowed to crack down. The mixed messages are risking its ‘crypto hub’ future

https://fortune.com/2022/07/15/singapore-crypto-exchange-regulation-companies-ban-crackdown-laws-license/

A thread on what this means for '#crypto' as a whole🧵

1/- I lived in Singapore for a couple years (before Covid hit).

Loved every minute of my time there.

They provided me with the perfect ecosystem for my startup and served as a great international hub where business opportunities often came to YOU, instead of you going to them.

2/- However, after spending more and more time in the blockchain space, I realized that many governments and even "experts" usually made bold claims without genuinely understanding the technology they were supporting. Especially those who wanted to become "crypto-friendly."

3/- This is no one person's fault.

It's a symptom of the entire industry.

Therefore, this latest news (below) comes as no surprise. As more and more people understand what's at stake, they may realize there's a lot of smoke and mirrors but very little substance (for now).

4/- When you dig deeper, you realize that Bitcoin's original promise as a "peer-to-peer electronic cash system" means things like #micropayments (paying for things online for less than a cent) is what was truly innovative. Everything else being marketed as "new" is just cosmetic.

5/-

#NFTs? Most are still being used just for membership access.

#DAOs? Most are general partnerships trying to solve people problems.

#DeFi? Most are becoming more centralized than traditional platforms.

6/- With this 🇸🇬 news, I expect more governments to backpedal and retract any supporting statements about #crypto. If not entirely, then with more limits.

But this is a GOOD thing.

It means that the rise in demand is significant enough that there's a need for regulation.

7/- Next up (or soon to come): freezing, seizing, and returning #blockchain-based funds for users.

People may not like it, but various signs indicate this inevitable outcome.

George Siosi Samuels

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