As of right now, Apple has only allowed the App Store in Singapore, but not the full iTunes Music Store, which means that iPhone owners can buy apps but not music, movies or books through Apple. Their reason is rampant piracy throughout Asia.
What are the negative consequences of Apple’s decision?

I feel that Apple's decision will not result in them losing a lot of money, but they would be making a lot less profit. What they say about the rampant piracy throughout Asia is undeniable, but have they thought that those selling illegal stuff would not go to other continents and buy their product, and sell it illegally here? Many Apple users who bought their products from Epicentres or Apple stores, would most likely want their device to be corruption-free so that it would not screw up and stuff like that, to do this, many people will prefer buying the real, authentic though expensive product to be installed into their devices. I feel that this is something that Apple overlooked.