Coinbase ($COIN@US) CEO Brian Armstrong criticized Singapore’s stance on Web3 at the FinTech Festival 2022, saying that it wants to be a Web3 hub while simultaneously regulating the industry. Singapore has repeatedly warned that cryptocurrencies are highly speculative and volatile, and it has also banned crypto advertising in public areas and on social media. MAS responded that crypto companies are responsible for protecting their customers as many retail investors have lost money to speculative crypto.