The crypto winter hasn’t only cooled off portfolios—it’s fundamentally altered the way that Web3 companies across Asia are approaching funding. Forget all those ICO scam—er—enormous fortunes and the enticing melody of SAFTs. The smart money is now eyeing something far more traditional: the IPO.

The VC taps have constricted. Global crypto venture capital investment cratered more than 60% from 2022 to 2024. That’s not a dip, that’s a cliff dive. If you're a Web3 founder in Singapore, Hong Kong, or even the Philippines, staring down that chasm without a safety net, you're probably considering all your options.

It's not just desperation. Speaking with several founders across Southeast Asia, a common thread emerged: a desire for legitimacy. One founder, let's call him "Ken" (he asked for anonymity), put it bluntly: "ICOs felt like the Wild West. IPOs? That's like joining the grown-up table."

The shift is about credibility. It's about attracting institutional investors who wouldn't touch a token sale with a ten-foot pole. And that’s what it should always be about—building a sustainable business, not simply riding a hype cycle. That’s not going to work anymore—just cranking out one more whitepaper and hoping tens of millions will come pouring in.

Making that bell ringing on the floor of the stock exchange dream come true. The road ahead is littered with regulatory landmines, especially in Asia. Remember, each country has its own nuances. Just because something works in Singapore doesn’t mean it will work in Hong Kong. On top of that, the regulatory landscape in the Philippines has its own unique hurdle to overcome.

Think about it: the level of documentation, legal scrutiny, and financial transparency required for an IPO is exponentially higher than a token launch. Firms will need to show that they have robust internal controls in place. They must display a viable business plan and trajectory for sustainable growth. Second, they need to steer through an ever-changing regulatory landscape. This landscape is notoriously unclear, particularly in the case of Web3.

It’s not a secret technical sleight of hand or a new marketing gimmick. It's about relationships. One founder in Hong Kong told me, "You need to build trust with the regulators. They need to understand your business and believe in your vision. That takes time and effort." This is where the cultural nuances of Asian business practices kick in. It's not just about presenting a polished pitch deck; it's about building personal connections and demonstrating a long-term commitment to the local market.

Absolutely not. In reality, the most forward-thinking companies are looking at ways to integrate both models. Think of it as a hybrid approach: use tokens for early-stage community building and incentivization, then transition to an IPO to access larger pools of capital and achieve mainstream validation.

Be warned: managing both tokens and stocks simultaneously adds another layer of complexity. You have to think critically about the legal and regulatory implications and the opportunity to create conflicts of interest. The key is transparency. 2) Be clear with investors and the community regarding your intentions with tokens vs. stock. Here are six suggestions to improve your implementation planning process.

Here's the harsh truth: IPOs are expensive. We are discussing millions of dollars in investments in legal fees, accounting audits and regulatory compliance. For founders and startups, it’s not only the cash — it’s the time and energy involved to go through a lengthy, multi-step IPO process.

This is where many Web3 startups stumble. They have a truly amazing product and an incredibly enthusiastic community. They do not have the financial wherewithal or the sophistication to follow the stringent rules that an IPO would entail. Governments and regional industry associations have an important role to convene. They are well placed to offer resources and expertise to assist Web3 companies through the process of going public.

Thus, what’s the formula for Web3 IPO prosperity in Asia? This isn’t overnight wealth or trend-based profits at play. In order to build a sustainable business, it means getting smart about the regulatory maze. Simultaneously, you need to build confidence with regulators and with the community. It’s about learning the cultural norms of Asian business, fostering deep relationships and trust. It's about having a long-term vision and a commitment to creating value for all stakeholders.

The return to IPOs, as opposed to SPACs, are a sign of the maturing Web3 industry. It’s not the end-all-be-all, but it’s a big indication of progress toward mainstream adoption and long-term sustainability. Asian founders who have willingness to hustle can enjoy huge payoffs. These benefits will not just supercharge their companies, but the whole Web3 ecosystem. In the end, the best of these IPOs will produce jobs, generate investment and establish Asia’s rightful place as a global powerhouse of Web3 innovation. It's about time the world recognize it.

Tiger Research data cited above must include clear attribution to Tiger Research and display the Tiger Research logo.

This is where many Web3 startups stumble. They may have a great product and a passionate community, but they lack the financial resources and expertise to meet the stringent requirements of an IPO. This is where governments and industry associations in Asia can play a crucial role by providing resources and support to help Web3 companies prepare for IPOs.

The Real Secret: Building Trust Locally

So, what's the secret to Web3 IPO success in Asia? It's not about overnight riches or hype-driven gains. It's about building a sustainable business, navigating the complex regulatory landscape, and fostering trust with both regulators and the local community. It's about understanding the cultural nuances of Asian business and building strong relationships. It's about having a long-term vision and a commitment to creating value for all stakeholders.

The shift to IPOs signals a maturation of the Web3 industry. It's not a silver bullet, but it represents a step toward mainstream adoption and long-term sustainability. And for Asian founders willing to put in the hard work, the rewards could be substantial – not just for their companies, but for the entire Web3 ecosystem. Ultimately, successful IPOs will create jobs, attract investment, and solidify Asia's position as a global leader in Web3 innovation. It's about time the world recognize it.

Disclaimer: Tiger Research data cited above must include clear attribution to Tiger Research and display the Tiger Research logo.