From June 30, 2025, new regulatory requirements for digital token service providers (DTSP) will come into effect in Singapore, requiring them to obtain a license or cease operations. The relevant changes were approved by Parliament as part of the Financial Services and Markets Act (FSM Act). The Monetary Authority of Singapore (MAS) did not provide a transition period, requiring immediate compliance with the new rules.
The rules apply to companies registered in Singapore or those with a 'place of business' in the country, including offices, co-working spaces, or even mobile stands. Only 33 companies have obtained a license, among them Coinbase, Circle, OKX, and Upbit. An exception has been made for remote workers whose companies are registered abroad but have 'grey areas' in regulation.
Violations of the requirements are subject to fines of up to 250,000 SGD (approximately $200,000) or imprisonment for up to three years. The new rules aim to strengthen oversight of the crypto sphere to prevent Singapore from being used for unregulated activities abroad.
Singapore, a leader in crypto asset adoption in 2024, continues to create a transparent environment for crypto businesses but with strict requirements. Stay updated on the cryptocurrency world with #MiningUpdates
#CryptoRegulation #SingaporeCrypto #blockchain #cryptocurrency #MAS #DTSP #CryptoNews #MiningUpdates
