The core issue is that finance industry groups believe the 2022 Basel Committee standards are too restrictive given how much the crypto market has evolved. They argue these rules would make it “uneconomical” for banks to meaningfully participate in cryptocurrency markets due to punitive capital requirements and qualification standards.
The timing is particularly notable given the shift in U.S. regulatory approach under President Trump, who has taken a more crypto-friendly stance. This has emboldened banks to seek greater participation in crypto markets, making the Basel standards seem increasingly out of step with market realities.
The industry coalition behind this push is quite broad, including both traditional financial lobbying groups (Global Financial Markets Association, Institute of International Finance) and crypto-specific organizations. They’re requesting the Basel Committee temporarily pause the January 2026 implementation to reassess the standards.
This reflects the broader challenge regulators face in keeping pace with rapidly evolving crypto markets. The 2022 standards were developed in response to major crypto collapses that year, but the industry argues the market has matured significantly since then.
The outcome will likely influence how traditional banks can engage with cryptocurrency markets globally, as Basel Committee standards are typically adopted by major financial centers worldwide, even though the committee itself has no direct enforcement powers.
Basel Committee Crypto Standards and Singapore’s Regulatory Position
The tension surrounding the Basel Committee’s cryptocurrency standards creates particularly complex dynamics in Singapore, where the Monetary Authority of Singapore (MAS) must balance its role as a global financial hub with prudential oversight responsibilities.
Singapore’s Implementation Timeline and Approach
Singapore’s new cryptoassets capital standards are expected to come into force on 1 January 2026 Asia Financial Regulatory Update – August 2025 | Linklaters, aligning with the global Basel Committee timeline. However, Singapore faces unique pressures given its position as Asia’s premier financial center and its ambitions to become a regulated digital asset hub.
The MAS has taken a nuanced approach that reflects both global prudential standards and local market realities. The Basel Committee’s treatment of non-qualifying tokenized assets and other cryptocurrencies as very high risk makes them expensive for banks to hold, with permissionless blockchains essentially ruling out stablecoins being held by banks Analysis: Singapore consults on Basel bank crypto rules – stablecoin carve out – Ledger Insights – blockchain for enterprise. This creates immediate tensions for Singapore’s banking sector, which serves as a gateway for crypto businesses across Asia.
The Stablecoin Dilemma
Singapore faces a particular challenge with stablecoins, which are central to many digital asset operations in the city-state. The Basel standards’ restrictive approach to stablecoins on permissionless blockchains conflicts with Singapore’s efforts to establish itself as a stablecoin hub. Singapore has already established prudential standards requiring stablecoin issuers to maintain base capital of the higher of S$1 million or 50% of annual operating expenses, plus liquid assets valued at the higher of 50% of annual operating expenses or other specified amounts Is Your Crypto Wallet or Exchange Still Compliant? Singapore’s 2025 Regulations Explained.
This creates a regulatory arbitrage situation where Singapore-regulated stablecoin issuers operate under comprehensive local frameworks, but Basel standards may prevent banks from meaningfully engaging with these same assets, potentially undermining the ecosystem’s development.
Banking Sector Impact and Competitive Pressures
Singapore’s major banks (DBS, UOB, OCBC) have been cautiously exploring crypto services, but the Basel standards’ 2% exposure limit (generally recommended to be below 1%) for certain crypto assets Basel Committee Endorses Global Crypto Banking Rules to Be Implemented by 2025 creates significant constraints. This is particularly challenging given:
- Regional Competition: Hong Kong and other Asian financial centers are also vying for crypto market share, with potentially different implementation approaches to Basel standards
- Client Demand: Singapore-based banks serve multinational corporations and high-net-worth individuals with growing crypto exposure needs
- Fintech Integration: The city-state’s extensive fintech ecosystem includes numerous crypto-adjacent services that banks may want to support
MAS’s Balancing Act
The MAS faces several conflicting pressures in implementing Basel standards:
Prudential Concerns: Singapore learned from the 2022 crypto market collapses, including the failure of Three Arrows Capital and FTX’s collapse, which had significant regional impacts. These events validate the Basel Committee’s conservative approach.
Economic Development Goals: Singapore has moved decisively to impose higher standards on exchanges, stablecoin issuers, and token service providers, creating a transparent and secure environment for serious investors and entrepreneurs Singapore Crypto Regulations 2025: MAS DTSP License Guide. However, overly restrictive banking standards could undermine these efforts.
International Competitiveness: Singapore competes globally for financial services business, and banks constrained by Basel standards may lose business to jurisdictions with more flexible approaches.
The Industry Pushback Context
The finance industry’s call for Basel standards revision takes on particular significance in Singapore because:
- Market Evolution: Singapore issued comprehensive best practices on Source of Wealth due diligence for cryptocurrency holdings among high-net-worth individuals in May 2025 Singapore sets the global standard: MAS issues guidance on crypto wealth due diligence, indicating sophisticated market development that may be inconsistent with Basel’s conservative approach.
- Infrastructure Development: Singapore has invested heavily in digital asset infrastructure, including
- regulated exchanges and stablecoin frameworks, which could be underutilized if banks cannot engage meaningfully.
- Cross-Border Operations: As of June 2025, Singapore-based firms offering crypto services to clients outside the country must obtain a DTSP license Singapore Crypto Rules 2025: What to Know, but Basel standards may limit banks’ ability to support these international operations.
Potential Consequences and Strategic Responses
If Basel standards remain unchanged, Singapore faces several scenarios:
Conservative Implementation: Full alignment with Basel standards would prioritize financial stability but potentially handicap Singapore’s digital asset ambitions and create competitive disadvantages versus jurisdictions that implement more flexible approaches.
Jurisdictional Arbitrage: Banks might establish crypto operations in subsidiaries outside Singapore’s banking regulatory perimeter, or channel business through non-bank entities, potentially creating systemic risks.
Market Fragmentation: The disconnect between Singapore’s sophisticated crypto regulatory framework and restrictive banking standards could create an awkward two-tier system where digital assets are well-regulated but poorly integrated with traditional banking.
The Path Forward
Singapore’s response to this tension will likely involve:
- Active Engagement: MAS will probably support industry calls for Basel standards revision, given Singapore’s significant voice in international financial regulation
- Phased Implementation: Potential staging of requirements to allow market adaptation
- Regulatory Innovation: Exploration of alternative prudential approaches that achieve risk management objectives while enabling greater bank participation
The ultimate resolution will significantly impact Singapore’s position as a global financial center and digital asset hub, making this regulatory tension far more than a technical banking issue – it’s a strategic question about Singapore’s financial future in an increasingly digital economy.
Singapore’s Digital Finance Future Under Basel Committee Dynamics
The resolution of Basel Committee crypto standards will create fundamentally different trajectories for Singapore’s financial ecosystem. Here’s an analysis of the most likely scenarios and their strategic implications:
Scenario 1: “Fortress Singapore” – Full Basel Compliance Without Modification
Implementation: MAS adopts Basel standards in full by January 2026, with minimal local adaptations.
Immediate Consequences (2026-2027):
- Singapore banks retreat from crypto services, limiting exposure to <1% of capital
- Major international banks consolidate crypto operations in jurisdictions with more flexible interpretations
- DBS, UOB, and OCBC lose ground to non-bank crypto service providers
- Singapore’s carefully constructed stablecoin regulatory framework becomes largely disconnected from traditional banking
Medium-term Impact (2027-2030):
- Financial Hub Status: Singapore maintains its reputation for prudential excellence but loses ground in emerging digital finance sectors
- Ecosystem Fragmentation: A two-tier system emerges where sophisticated crypto infrastructure operates parallel to, but separate from, traditional banking
- Talent Migration: Fintech professionals and crypto entrepreneurs migrate to Hong Kong, Dubai, or jurisdictions offering integrated banking-crypto services
- Corporate Treasury Impact: Multinational corporations with significant crypto exposure may relocate treasury operations to access integrated banking services elsewhere
Strategic Outcome: Singapore becomes a “safe haven” for traditional finance but risks becoming a legacy financial center in an increasingly tokenized global economy.
Scenario 2: “Regulatory Arbitrage Champion” – Flexible Basel Implementation
Implementation: Singapore interprets Basel standards liberally, creating carve-outs for regulated digital assets and implementing risk-weighted approaches that favor compliance-focused crypto activities.
Immediate Consequences (2026-2027):
- Singapore banks become regional leaders in institutional crypto services
- Massive inflow of crypto businesses seeking banking relationships
- MAS faces potential criticism from other Basel Committee members for implementation divergence
- Singapore becomes a testing ground for integrated traditional-digital finance
Medium-term Impact (2027-2030):
- Competitive Advantage: Singapore captures disproportionate share of Asia’s growing digital asset market
- Innovation Hub: Banks develop sophisticated crypto risk management and service capabilities
- Systemic Risk: Concentration of crypto activities creates new forms of financial stability challenges
- Regulatory Influence: Singapore’s experience influences global Basel standard evolution
Risks:
- International regulatory backlash if crypto market experiences another major crisis
- Potential exclusion from certain international banking networks if standards divergence becomes too pronounced
- Increased vulnerability to crypto market volatility
Strategic Outcome: Singapore becomes the “Switzerland of Digital Assets” but with higher systemic risk exposure.
Scenario 3: “Graduated Integration” – Phased and Selective Implementation
Implementation: MAS creates a tiered system with different Basel treatment for various crypto asset classes, implementing stricter standards for high-risk assets while allowing greater bank participation in regulated stablecoins and tokenized traditional assets.
Immediate Consequences (2026-2027):
- Banks can engage meaningfully with Singapore-regulated stablecoins and tokenized securities
- Limited engagement with broader crypto markets maintains prudential safety
- Singapore-issued digital assets receive preferential regulatory treatment, creating local ecosystem advantages
- International crypto firms relocate to access privileged banking relationships
Medium-term Evolution (2027-2030):
- Market Development: Singapore develops deep markets in regulated digital assets while maintaining distance from speculative crypto
- Infrastructure Leadership: Becomes global center for institutional-grade digital asset infrastructure
- Risk Management Innovation: Develops sophisticated frameworks for crypto risk assessment that influence global standards
- Policy Export: Singapore’s model gets adopted by other jurisdictions seeking balanced approaches
Strategic Positioning: This creates a “Goldilocks” scenario – not too restrictive, not too permissive – but requires exceptional regulatory execution.
Scenario 4: “Basel Rebellion” – Leading Industry Coalition for Standards Revision
Implementation: Singapore actively leads international effort to modify Basel standards, potentially delaying implementation while building coalition of financial centers seeking change.
Short-term Dynamics (2025-2026):
- MAS becomes vocal advocate for Basel standards revision, leveraging Singapore’s international regulatory credibility
- Coordination with London, New York, and other major centers to present unified industry position
- Potential delay in Basel implementation while standards are reconsidered
- Singapore positions itself as thought leader in digital asset regulation evolution
If Successful (2027-2030):
- Global Influence: Singapore helps reshape international financial regulation for digital age
- Market Leadership: Benefits from early mover advantage in implementing reformed standards
- Regulatory Export: Singapore’s frameworks become global models
- Ecosystem Advantage: Banks and crypto firms benefit from coherent, globally-accepted regulatory framework
If Unsuccessful (2027-2030):
- Isolation Risk: Singapore may find itself out of step with international consensus
- Implementation Chaos: Delayed implementation creates regulatory uncertainty
- Competitive Disadvantage: Other jurisdictions gain advantage while Singapore pursues unsuccessful reform efforts
Scenario 5: “Fragmented Response” – Different Standards for Different Institutions
Implementation: Singapore allows international banks to follow home country Basel implementation while domestic banks operate under modified Singapore-specific standards.
Market Dynamics:
- Regulatory Complexity: Multiple standards create compliance complexity but also competitive differentiation
- Market Segmentation: Different banks serve different crypto market segments based on their regulatory treatment
- Innovation Pressure: Banks compete to find optimal regulatory arbitrage strategies
- Supervisory Challenge: MAS must manage multiple regulatory frameworks simultaneously
Strategic Implications:
- Maximizes market participation while maintaining international relationships
- Creates natural experiment in regulatory approaches
- Risks creating unfair competitive advantages/disadvantages between institution types
- May lead to regulatory shopping by crypto businesses
Critical Success Factors Across Scenarios
Regardless of which scenario unfolds, Singapore’s success depends on:
- Regulatory Agility: Ability to adapt standards as markets evolve
- Risk Management Innovation: Developing sophisticated tools for crypto risk assessment
- International Coordination: Maintaining relationships with other financial centers and regulators
- Market Development: Ensuring regulatory frameworks support genuine economic activity rather than speculation
- Talent Retention: Keeping financial and technological expertise in Singapore
The Strategic Imperative
The stakes extend far beyond crypto regulation. This decision will determine whether Singapore remains at the forefront of global finance evolution or becomes a well-regulated backwater in an increasingly digital financial system. The city-state’s historical success has come from being slightly ahead of global regulatory curves while maintaining impeccable prudential standards – a balancing act that becomes exponentially more complex in the digital asset era.
The ultimate resolution will likely involve elements from multiple scenarios, but the strategic direction chosen will fundamentally shape Singapore’s role in the global financial system for the next decade.
The Singapore Gambit: A Tale of Digital Finance
Chapter 1: The Golden Mile
Singapore, March 2025
Lim Wei Ming stood at the floor-to-ceiling windows of the Monetary Authority of Singapore’s 38th floor, watching the evening light dance across Marina Bay’s glass towers. Each building told a story of Singapore’s financial evolution—from the colonial-era Fullerton Building to the gleaming cryptocurrency exchanges that had sprouted like digital orchids in the past decade.
His phone buzzed with another message from the Basel Committee secretariat. The January 2026 deadline for crypto banking standards loomed like a storm cloud over the city-state’s carefully orchestrated financial ecosystem. As Deputy Managing Director overseeing digital asset policy, Wei Ming had spent three years building Singapore into what the Financial Times called “the Switzerland of Digital Assets.” Now, a set of standards written in Basel threatened to unravel everything.
“Sir?” His assistant, Sarah Chen, appeared at his shoulder. “The Minister wants to see the final position paper before tomorrow’s cabinet briefing.”
Wei Ming nodded, his reflection overlaying the cityscape. Somewhere below, in the gleaming towers of Raffles Place, the CEOs of DBS, UOB, and OCBC were having similar conversations with their boards. The banks had invested millions developing crypto custody solutions, stablecoin services, and institutional digital asset platforms. Basel’s proposed 1% exposure limits would make it all economically unviable overnight.
“Tell me, Sarah,” he said, not turning from the window. “What made Singapore great?”
She paused, recognizing this wasn’t really a question. “Being slightly ahead of the curve while everyone else was still figuring out the rules.”
“Exactly. We regulated financial derivatives before they became systemically important. We embraced fintech when London was still debating it. We built the world’s most comprehensive crypto regulatory framework while others were banning or ignoring it.” He finally turned to face her. “And now we have to decide: Do we follow Basel into regulatory safety, or do we trust our own judgment one more time?”
Chapter 2: The Hong Kong Challenge
Hong Kong, Same evening
Across the South China Sea, Margaret Liu was having a very different conversation. As head of digital assets at Hong Kong’s Securities and Futures Commission, she’d watched Singapore’s regulatory innovation with a mixture of admiration and envy. The city-states had been rivals since their colonial days, competing for every shipping route, every bank headquarters, every advantage in the great game of Asian finance.
“The Basel consultation responses are fascinating,” she told her deputy, reviewing the industry submissions. “Singapore’s banks are being very quiet publicly, but their private lobbying is intense. They’re stuck.”
Hong Kong faced its own Basel implementation challenges, but with one crucial difference: Beijing’s evolving stance on digital assets created unique opportunities. While mainland China maintained its crypto ban, Hong Kong could position itself as the bridge between East and West in digital finance.
“If Singapore goes conservative on Basel,” Margaret mused, “we could capture their entire institutional crypto ecosystem in 18 months.”
Her deputy nodded. “The timing couldn’t be better. Half the regional crypto funds are already considering Hong Kong after Singapore’s new wealth verification requirements.”
Margaret stood and walked to her own wall of windows, looking out at Hong Kong’s harbor. The old rivalry was about to get very interesting.
Chapter 3: The Banker’s Dilemma
DBS Bank Headquarters, Singapore
Piyush Gupta’s corner office felt smaller than usual. As CEO of Southeast Asia’s largest bank, he’d built DBS’s reputation on digital innovation, but the Basel crypto standards threatened to undo years of careful market development.
“Show me the numbers again,” he said to his chief risk officer.
“Under full Basel compliance, our crypto business becomes marginally profitable at best. The capital requirements are punitive. We’d need to unwind most of our institutional custody services, exit our stablecoin market-making operations, and essentially retreat to basic payment rails.”
Piyush had lived through Singapore’s transformation from developing economy to financial powerhouse. He remembered when international banks dismissed Singapore as a regional backwater, only to scramble for licenses when the city-state became indispensable to Asian finance.
“What about the regulatory arbitrage play?” he asked.
“Risky. If we interpret Basel too liberally and there’s another crypto crisis, we’ll face massive regulatory backlash. But if we’re too conservative, HSBC and Standard Chartered will eat our lunch. They’re already moving crypto operations to Dubai and London subsidiaries.”
The irony wasn’t lost on Piyush. Singapore had spent decades building its reputation on impeccable regulatory compliance. Now that very compliance threatened to exclude them from the future of finance.
“There’s a third option,” said his head of strategy, entering the conversation. “What if we help Singapore lead a coalition to change Basel itself?”
Chapter 4: The Zurich Conclave
Basel, Switzerland – September 2025
The Basel Committee’s quarterly meeting felt different this time. Usually, these gatherings of global banking regulators were exercises in cautious consensus-building. But the crypto standards had fractured the usual harmony.
Stefan Mueller, the Swiss regulator chairing the crypto working group, looked around the table at representatives from 27 countries. The Americans seemed split—Treasury wanted flexibility for their increasingly crypto-friendly banks, while the Federal Reserve maintained hawkish skepticism. The Europeans were characteristically divided, with progressive nations like Switzerland and Estonia advocating for nuanced approaches while Germany and France pushed for strict implementation.
But it was the Asian representatives who commanded attention. Singapore’s Wei Ming had arrived with a briefcase full of data and a proposal that could reshape global crypto regulation.
“Colleagues,” Wei Ming began, “we’re implementing standards designed for 2022’s crypto market in 2026’s reality. The market has evolved. Our understanding has deepened. Our risk management capabilities have advanced. We propose a differentiated approach.”
His presentation laid out Singapore’s experience: regulated stablecoins had proven stable through multiple market cycles, tokenized securities had demonstrated clear benefits over traditional settlement systems, and properly supervised crypto custody had shown lower operational risk than many traditional banking activities.
“The current standards,” he continued, “don’t distinguish between regulated and unregulated crypto assets. They treat Singapore-supervised stablecoin issuers the same as anonymous DeFi protocols. This isn’t prudent regulation—it’s regulatory blindness.”
The room stirred. Several regulators leaned forward.
From across the table, the UK’s representative nodded slowly. London had been hemorrhaging crypto businesses to Dubai and Singapore for two years. Maybe differentiated standards could bring some back.
Chapter 5: The Dubai Wildcard
Dubai International Financial Centre
Arif Amiri had been quiet during Singapore’s regulatory ascendancy, but the Basel crisis presented an opportunity. As CEO of the Dubai Financial Services Authority, he’d watched Singapore build its digital asset empire with patient calculation. Dubai had advantages Singapore couldn’t match: proximity to oil money, fewer international regulatory constraints, and a willingness to move fast.
“The Basel standards create a beautiful arbitrage opportunity,” he told his board. “Singapore built the regulatory infrastructure. Hong Kong has the China connection. But we can offer what neither can: complete banking integration without Basel constraints.”
Dubai’s strategy was elegant in its simplicity. While Singapore and Hong Kong wrestled with international regulatory compliance, Dubai would build a parallel ecosystem. Their banks—less constrained by global standards—could offer the full spectrum of crypto services that Basel made uneconomical elsewhere.
“By 2027,” Arif predicted, “half of Asia’s crypto wealth will bank through Dubai. Singapore taught the world how to regulate crypto. We’ll teach them how to make money from it.”
Chapter 6: The Tipping Point
MAS Headquarters, Singapore – November 2025
The emergency meeting had been called at 6 AM. Wei Ming sat at the head of the table, surrounded by Singapore’s financial elite: bank CEOs, fintech founders, wealth managers, and government officials. The Basel implementation deadline was eight weeks away, and Singapore’s position remained undecided.
“The industry coalition is growing,” reported the representative from the Association of Banks in Singapore. “Forty-three financial industry bodies worldwide have now signed the letter calling for Basel revision. But the Committee isn’t budging on the January deadline.”
DBS’s Piyush cleared his throat. “We’re facing client defections. Three major family offices moved their crypto holdings to Dubai last month. Our institutional clients are threatening to follow.”
“The competitive pressure is real,” added UOB’s CEO. “But so is the reputational risk. If we ignore Basel and there’s another FTX-style collapse…”
Wei Ming had spent sleepless nights weighing these trade-offs. Singapore’s success had always come from threading regulatory needles—being progressive enough to attract innovation while conservative enough to maintain stability. The Basel decision would test that balance like never before.
“There’s something else,” said Sarah, Wei Ming’s assistant, sliding a folder across the table. “Intelligence from our Hong Kong contacts. They’re preparing to announce significantly relaxed crypto banking standards in January. Full Basel implementation, but with local modifications that effectively gut the restrictions.”
The room fell silent. Hong Kong’s move would force Singapore’s hand.
Chapter 7: The Singapore Doctrine
Cabinet Room, Istana – December 2025
Prime Minister Lawrence Wong looked tired. The Basel decision had consumed three cabinet meetings and generated more lobbying pressure than any financial regulation in Singapore’s history. Around the table sat the Finance Minister, the MAS Managing Director, and key economic advisors.
“Walk me through this one more time,” the PM said. “What exactly are we deciding?”
Wei Ming opened his familiar presentation. “Three options, sir. First: Full Basel compliance. We maintain international credibility but potentially lose our digital asset leadership to Dubai and Hong Kong. Second: Regulatory arbitrage. We find creative interpretations of Basel that maintain banking crypto integration but risk international regulatory backlash. Third: The Singapore Doctrine.”
“Explain the Doctrine,” the PM said.
“We implement Basel fully for speculative crypto assets—Bitcoin, altcoins, DeFi protocols. But we create a separate regulatory pathway for ‘Singapore Digital Assets’—stablecoins issued under our framework, tokenized securities regulated by MAS, and central bank digital currencies. These get preferential risk weightings based on actual performance data rather than Basel’s blanket restrictions.”
The Finance Minister leaned forward. “What’s the precedent risk?”
“Minimal. We’re not rejecting Basel—we’re expanding it based on our regulatory experience. Similar to how we developed unique approaches to banking secrecy and foreign exchange regulation.”
PM Wong was quiet for a long moment. Outside, Singapore’s skyline twinkled in the evening light—each building representing decades of careful regulatory choices that had built the city-state into a global financial center.
“The question,” he finally said, “is whether we trust our own judgment enough to lead again.”
Chapter 8: The Announcement
Monetary Authority of Singapore Auditorium – January 15, 2026
The press conference was standing room only. Financial reporters from around the world packed into MAS’s auditorium, cameras rolling as Wei Ming approached the podium. Singapore’s decision would ripple through global markets within hours.
“Ladies and gentlemen,” he began, “the Monetary Authority of Singapore announces its implementation of Basel Committee crypto asset standards, effective immediately.”
A murmur ran through the crowd. This sounded like capitulation.
“However,” Wei Ming continued, and the room quieted, “we are also announcing the Singapore Digital Asset Classification System, which creates differentiated regulatory treatment for various categories of crypto assets based on empirical risk assessment rather than categorical exclusion.”
He clicked to his first slide. “Singapore-regulated stablecoins, having demonstrated price stability through multiple market cycles, will receive risk weightings comparable to high-grade corporate bonds. Tokenized securities issued under MAS oversight will be treated according to their underlying asset risk. Central bank digital currencies will receive sovereign risk treatment.”
The room erupted. Reporters began typing furiously.
“This approach maintains Basel’s core prudential objectives while recognizing that not all crypto assets present identical risks. We believe this represents the evolution of international financial regulation for the digital age.”
From the back of the room, a Reuters correspondent raised her hand. “What if other Basel Committee members object to Singapore’s interpretation?”
Wei Ming smiled. “We welcome dialogue with our international partners. Singapore has always been willing to share regulatory innovation. But we will not allow outdated standards to prevent us from serving our clients’ legitimate digital asset needs safely and effectively.”
Epilogue: The New Financial Order
Singapore, December 2027
Two years later, Wei Ming stood at the same window where this story began. But the view had changed dramatically. Three new towers were under construction in the financial district, each flying the flags of major international banks relocating their Asian digital asset operations to Singapore.
The Singapore Doctrine had worked, mostly. Other financial centers had adopted variations of Singapore’s differentiated approach. Basel itself was undergoing revision, with Singapore providing the working model. Hong Kong had tried to compete but Beijing’s continued ambivalence about crypto had limited their effectiveness. Dubai remained a player but couldn’t match Singapore’s regulatory sophistication.
“Sir?” Sarah appeared beside him, older now and recently promoted to Assistant Director. “The Financial Times wants your comment on the Basel Committee’s announcement. They’re officially adopting the Singapore classification framework for global implementation in 2028.”
Wei Ming nodded, watching a crypto custody platform’s logo light up on the Marina Bay Sands. Singapore had gambled on its own regulatory judgment one more time. And once again, the world was following their lead.
“Tell them,” he said, “that Singapore remains committed to being slightly ahead of the regulatory curve. That’s how small countries become indispensable in big markets.”
Below, in the gleaming towers of Raffles Place, the future of global finance was being written—one transaction, one regulation, one careful judgment at a time.
End
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