Singapore’s ousted crypto firms may not find shelter elsewhere
Singapore’s ousting of unlicensed firms was not a sudden move and it’s among several regions tightening licensing duties.
Singapore’s latest order for unlicensed crypto firms to stop serving overseas customers marks the beginning of the end for regulatory loopholes in the blockchain industry.
The May 30 directive from the Monetary Authority of Singapore (MAS) tells crypto firms and individuals offering services abroad to get licensed or get out.
To some in the industry, it may look like Singapore is suddenly turning away from its crypto-friendly stance. But in reality, the city-state has remained consistent in its push for compliance. The move aligns with a global crackdown aimed at money laundering and terrorism financing.