June 04, 2025<\/p>\n\n\n\n
By Our Correspondent<\/p>\n\n\n\n
The central bank of Singapore has given local cryptocurrency service providers until June 30 to cease providing digital token (DT) services to international markets.
In response to industry input regarding its proposed regulatory framework for Digital Token Service Providers (DSTPs) under the Financial Services and Markets Act of 2022 (FSM Act), the Monetary Authority of Singapore (MAS) issued the order.
No transitional plans will be established for local DTSPs offering services overseas, according to MAS. It stated that when the DTSP requirements take effect by the end of June, any Singapore-incorporated business, individual, or partnership that offers DT services outside of Singapore must either stop operations or apply for a license.<\/p>\n\n\n\n
“DTSPs that are required to obtain a license under section 137 of the FSM Act must suspend or stop offering DT services outside of Singapore by June 30, 2025.”
Businesses are believed to be operating from Singapore and are therefore subject to licensing under Section 137 of the FSM Act. This comprises businesses whose main line of operation is not tied to tokens issued abroad.
Businesses who break the rule face steep fines of up to $250,000 Singaporean dollars ($200,000) and up to three years in jail.
Only companies regulated or exempt under the Securities and Futures Act, Financial Advisers Act, or Payment Services Act may continue to operate without violating the new regulations, according to MAS.<\/p>\n\n\n\n
The action indicates that Singapore’s authorities are significantly increasing their regulatory oversight over cryptocurrency operations. Regulatory changes intended to mitigate risks in the digital asset industry have led to DTSPs being ordered to stop their international operations.
The FSM bill was passed by Singapore in April 2022, giving MAS more power to oversee cryptocurrency companies with Singaporean headquarters but international operations.
Even if DTSPs do not provide services in Singapore, the legislation mandates that they adhere to AML and CFT regulations when operating abroad. MAS voiced concerns that cryptocurrency companies would register in Singapore while engaging in unregulated activities overseas in order to take advantage of regulatory gaps.<\/p>\n","protected":false},"excerpt":{"rendered":"
June 04, 2025 By Our Correspondent The central bank of Singapore has given local cryptocurrency service providers until June 30 to cease providing digital token (DT) services to international markets. In response to industry input regarding its proposed regulatory framework for Digital Token Service Providers (DSTPs) under the Financial Services and Markets Act of 2022 […]<\/p>\n","protected":false},"author":4,"featured_media":7260,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":{"0":"post-7785","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-uncategorized"},"yoast_head":"\n