Singapore orders local crypto firms to cease overseas activity by June 30
Singapore’s central bank has set a June 30 deadline for local crypto firms targeting overseas markets to halt operations or face steep penalties, including fines of almost $200,000.
Singapore’s central bank has set a deadline of June 30 for local crypto service providers to stop offering digital token (DT) services to overseas markets.
The directive came from the Monetary Authority of Singapore’s (MAS) response to industry feedback on its proposed regulatory framework for Digital Token Service Providers (DSTPs) under its Financial Services and Markets Act of 2022 (FSM Act).
MAS stated that no transitional arrangements will be made for local DTSPs providing services abroad. It said that any Singapore-incorporated company, individual or partnership that provides DT services outside Singapore must either cease operations or obtain a license when the DTSP provisions come into force by the end of June.
