Singapore, a country famous for its technology-friendly environment and financial innovation, is undergoing a strong transformation in its approach to the cryptocurrency market. The Monetary Authority of Singapore (MAS) has just issued a stern "ultimatum": unlicensed crypto exchanges must cease all activities targeting overseas customers from Singapore by June 30, 2025.
This move is not only a clear signal of the tightening control direction of #Singapore but also a wake-up call for the entire industry about a new era of legal compliance. Following the shocking collapses in 2022 of Three Arrows Capital and Hodlnaut, MAS has changed its regulatory approach to protect investors and maintain the stability of the financial system.
Unlicensed exchanges under the Payment Services Act are completely banned from operating from Singapore. Any continued actions after the deadline may be subject to criminal or administrative penalties, demonstrating MAS's determination to enforce regulations.
Reports indicate that some major names like Bitget and Bybit, which are not fully licensed in Singapore, are considering completely withdrawing their operations. Insider sources reveal that Bitget has even planned to relocate personnel to Dubai or Hong Kong, places that are emerging with a more open and pragmatic legal framework for the crypto industry.
However, it is important to understand that Singapore is not declaring war on the entire crypto industry. Licensed exchanges or those operating within the legal framework will continue to be facilitated for development, but they must strictly comply with regulations on anti-money laundering, investor protection, and advertising control.
In particular, #MAS leaves no legal loopholes open. Any form of "law evasion," from operations through foreign branches to promoting cross-border services, is classified as prohibited.
Singapore's strong move is creating a resonating wave throughout the region. While Dubai and Hong Kong become the new "safe havens," legislators in Thailand, South Korea, and even Vietnam are closely monitoring to adjust policies according to the "separating wheat from chaff" model that Singapore is leading.
For investors and users, MAS's decision means that some international exchanges may stop supporting Singaporean users or fully shift to other legal jurisdictions. Service disruptions, product structure changes, and policy adjustments may begin as early as the third quarter of this year, forcing users to pay attention and adapt to the new legal environment.