The Monetary Authority of Singapore (MAS) has issued a final ultimatum to cryptocurrency exchanges operating in the city-state without proper licenses, demanding they cease operations by June 30. This move intensifies Singapore’s regulatory crackdown on the digital asset sector, prompting significant reevaluations among major crypto firms.
The directive, initially issued in late May and clarified on June 6, emphasizes MAS’s consistent stance on unlicensed service providers. A MAS spokesperson told Bloomberg, “This move should also not come as a surprise to the industry as we have consistently communicated our position on such service providers on various occasions.”
While financial authorities maintain that only a “very small” number of providers will be impacted, major offshore crypto firms with a presence in Singapore are already making anticipatory adjustments. Industry sources indicate that Bitget and Bybit are reorganizing their on-the-ground teams. Bitget is reportedly planning to relocate its Singapore-based staff to branches in Dubai or Hong Kong, with Bybit considering similar moves.
In its May 30 announcement, MAS explicitly stated it would not grant “transition time” for firms to secure licenses, warning that requests leading up to the deadline would only be considered under “extremely limited” circumstances.