Singapore has told crypto firms based in the country to stop offering digital token services to customers overseas unless they have the right license.
The deadline to comply is June 30, 2025. The announcement came from the Monetary Authority of Singapore (MAS), which had been reviewing feedback on its proposed rules for Digital Token Service Providers (DTSPs) under the Financial Services and Markets Act passed in 2022.
According to MAS, any person or company operating from Singapore that provides these services outside the country will need a license to continue.
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The authority explained that companies offering such services abroad are still seen as operating from Singapore, even if that work is not their main activity. These firms fall under Section 137 of the law, which requires a license.
MAS said those who continue without a license could face fines of up to 250,000 Singapore dollars (about 200,000 US dollars) and as much as three years in prison.
Lawyer Hagen Rooke, a partner at the firm Gibson, Dunn & Crutcher, said in a LinkedIn post:
The MAS will grant licences under the new framework only in extremely limited circumstances.
He explained this is due to concerns about risks tied to money laundering and terrorism financing.
Some businesses that already have licenses under other financial laws, such as the Securities and Futures Act, Financial Advisers Act, or Payment Services Act, can keep operating without breaking the new rules.
Meanwhile, El Salvador may receive $120 million from the International Monetary Fund (IMF), subject to certain conditions. What are they? Read the full story.
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.
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