Singapore, once hailed as the 'Delaware of Asia' for its crypto-friendly policies, is tightening its regulatory grip. With the upcoming Digital Token Service Provider (DTSP) framework set for 2025, MAS is closing loopholes that allowed 'shell companies' to thrive. As a seasoned crypto analyst, I delve into what this means for Web3 firms—will they adapt or flee to Dubai? Spoiler: compliance is no longer optional.