SINGAPORE – A therapeutic massage room, a pickleball courtroom, a chilly plunge pool and a tattoo parlour.
These had been a few of the sights at a current cryptocurrency convention in Singapore, attended by the likes of Formulation One veteran Fernando Alonso, former Chelsea and England captain John Terry, and a mascot in an astronaut swimsuit.
They had been amongst 25,000 different crypto bros – and some women – who flew in from world wide to attend 2025’s Token2049, Singapore’s largest crypto convention, which was held throughout 5 flooring of the Marina Bay Sands Expo and Conference Centre on Oct 1 and a pair of.
“Crypto bro” – normally a younger, male crypto fanatic – is an business time period used to explain those that loudly champion crypto as the way forward for cash. These people are typically related to high-risk buying and selling and flashy wealth.
As individuals traded views on matters reminiscent of stablecoins, institutional adoption and tokenisation, the convention took on a celebratory vibe, or in crypto parlance, “degen”, reflecting the unabashed optimism and high-risk enthusiasm which have propelled blockchain and cryptocurrency from area of interest concepts to world prominence.
The fanfare comes amid a rebound in crypto costs, with Bitcoin skyrocketing greater than 90 per cent over the previous 12 months, lifted by the launch of Bitcoin exchange-traded funds, rising institutional curiosity and pro-crypto insurance policies in the US.
The world’s largest cryptocurrency by market worth is now buying and selling at document highs above US$125,600 (S$162,000).
But Token2049’s party-like environment belied the truth that crypto is still a younger business underneath rising regulatory scrutiny in Singapore.
Mr Darius Sit, founding father of digital asset buying and selling agency QCP Capital, described the crypto bro tradition seen at 2025’s Token2049 as “a short lived, concentrated phenomenon”.
“What we’re seeing is the worldwide crypto circus coming to city, a vibrant and vital a part of the business calendar that brings collectively each subculture, together with the loud, speculative ‘bro’ factor,” he mentioned.
But this isn’t consultant of Singapore’s day-to-day actuality, Mr Sit mentioned, including that the Financial Authority of Singapore (MAS) has been “surgically exact” in its rules.
“The legal guidelines are not designed to kill crypto, but particularly to excise the speculative, retail-facing crypto bro tradition from the home market whereas actively cultivating a sober, institutional setting,” he mentioned.
He famous that MAS’ rules act as a filter in proscribing retail promoting and get-rich-quick narratives, whereas establishing a licensing framework that draws severe, well-capitalised world gamers.
“Token2049 is simply an annual get together – the remainder of the 12 months is about constructing institutional-grade finance in a strictly regulated sandbox,” he mentioned.
The latest regulations on cryptocurrencies in Singapore,
introduced by MAS in June, require suppliers serving abroad prospects in digital fee tokens and tokenised capital market merchandise to be licensed, or stop operations.
Digital fee tokens embody cryptocurrencies like Bitcoin, whereas tokenised capital market merchandise are digital representations of securities reminiscent of shares or bonds.
The regulator famous that it has set the bar excessive for licensing, and can usually not problem a licence to such suppliers serving abroad prospects.
Not everybody in the native business appreciated being related to the crypto bro tradition, with some individuals pushing again in opposition to the label.
Mr Saad Ahmed, head of Asia-Pacific at cryptocurrency alternate Gemini, mentioned the time period “crypto bro” will not be a good characterisation as there are many gifted individuals from completely different backgrounds who are working in the business.
“We could be enjoyable and quirky, but we’re additionally doing actual work,” he mentioned.
Ms Amy Zhang, head of Asia-Pacific at digital asset infrastructure supplier Fireblocks, mentioned the “crypto bro” tradition could resurface at headline occasions like Token2049, but Singapore’s crypto business has moved previous such stereotypes.
She pointed to the Republic’s stablecoin regulatory framework for example of how the setting right here has turn out to be extra mature.
“Establishments are trying past the hypothesis related to crypto bro tradition to concentrate on sensible use circumstances in funds, settlement and tokenisation – positioning Singapore as a reputable hub for issues like stablecoin issuance and cross-border funds,” she mentioned.
Singapore dollar-backed stablecoin, XSGD,
which listed on cryptocurrency alternate Coinbase on Oct 1.
XSGD is pegged one-to-one in opposition to the Singapore greenback, and is absolutely backed by reserve belongings held at DBS Financial institution and Customary Chartered Financial institution.
On Sept 30, cryptocurrency alternate OKX launched a service permitting its prospects to make funds in stablecoins to retailers on Seize in Singapore for the primary time.
Funds completed utilizing USDC or USDT stablecoins via the service, referred to as OKX Pay, will first be transformed to XSGD, after which retailers will obtain the quantity in Singapore {dollars}.
Ms Gracie Lin, chief govt of OKX Singapore, mentioned the business right here has grown, with extra professionals – together with girls – serving to to make it extra “institutional, disciplined and numerous”.
“Singapore is uniquely positioned as a result of it’s a hub for each conventional finance and digital belongings, and, in fact, stablecoins are the bridge between the 2,” she mentioned.
Different developments to look out for as Singapore’s crypto business continues to mature embody the tokenisation of real-world belongings reminiscent of actual property, artwork and commodities, and deploying synthetic intelligence (AI) to detect fraud or cash laundering on the blockchain.
QCP’s Mr Sit famous that Singapore is rising as a worldwide chief in tokenisation, pushed by the MAS’ “proactive” stance.
MAS is “bringing collectively monetary giants to check the tokenisation of real-world belongings in a regulated framework. Banks have efficiently examined the tokenisation of belongings like international alternate and authorities bonds, whereas asset managers are exploring tokenised cash market funds”, he mentioned.
In the meantime, blockchain analytics firms in Singapore have additionally began utilizing AI and superior algorithms to trace unlawful or suspicious cryptocurrency transactions.
Ms Lin mentioned AI could make the crypto business sooner and smarter, strengthening controls like fraud detection, compliance monitoring and tokenisation audits.
“Still, it ought to by no means exchange human judgment or governance. Singapore’s edge lies in combining superior expertise with trusted oversight, and that steadiness is what retains the crypto business protected and credible,” she added.
Mr Hassan Ahmed, nation director of Coinbase Singapore, mentioned digital belongings deserve help just like that given to AI.
In Price range 2025, for instance, the Authorities dedicated $150 million underneath the Enterprise Compute Initiative to assist corporations undertake AI.
“It ought to be a parallel for digital belongings – they deserve comparable help,” mentioned Mr Ahmed.
“With focused initiatives, Singapore can strengthen its place as a hub for each conventional finance and digital belongings, and hold tempo with different jurisdictions shaping the long run.”
