US EditionSingapore Financial Watchdog to Ban Overseas Crypto Services Without License
- Singapore’s financial regulator has mandated that all domestic cryptocurrency companies serving clients abroad must either secure a license or discontinue their operations by June 30, 2025.
- This deadline targets financial crime risks linked to unlicensed crypto services operating from Singapore without exemptions or transition periods.
- MAS requires licensed firms to meet criteria such as holding SGD 250,000 capital, appointing a Singapore-based director, and complying with anti-money laundering standards.
- MAS stated, "There will be no transitional arrangement" and warned that firms operating without licenses after the deadline face fines up to SGD 250,000 and potential imprisonment up to three years.
- This move reflects a zero-tolerance policy amid rising crypto adoption in Singapore and aims to strengthen regulatory oversight and secure the country’s position as a digital finance hub.
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