Regulating is completely different from making it as legal tender, I don't see any trusted source says that bitcoin is going to have a legal tender status in a country like Singapore because its one of the business capital of the world and a country which try to adopt anything and everything if it benefits them so they are regulating which is good also bring more revenue.
You are absolutely right, but let's not forget that El Salvador didn't just wake up and adopted bitcoin and made it a legal tender in the country, it started by regulations.
Every plane that is flying high up in the sky started by moving on the ground slowly and slowly until it took off.
I think if Singapore government decide to start regulating bitcoin transactions in the country, its a good sign that, atleast, the government is not against bitcoin, and it's also a sign that they could make bitcoin a legal tender too if the regulation process in the country is successful.