Singapore's crypto licensing deadline has arrived, compelling numerous digital asset firms to either comply or face severe penalties. The Monetary Authority of Singapore (MAS) established June 30 as the final date for compliance, eliminating any grace period. Firms providing crypto services to foreign clients must now obtain proper licenses or cease operations. The new regulations, part of the Financial Services and Markets Act, enforce anti-money laundering measures, local compliance officers, and cybersecurity audits, with fines reaching up to $185,000 and potential jail time. Calvin Shen from Hex Trust emphasized that the initiative aims to safeguard regulatory integrity rather than restrict the industry. Despite these efforts, many smaller firms have already shut down, while larger companies like Bitget and Bybit are considering moving to more lenient jurisdictions like Dubai or Hong Kong. Chengyi Ong from Chainalysis noted that the MAS's approach reflects a supervisory risk appetite rather than international alignment, highlighting the challenges firms face in maintaining Singapore's reputation amidst stricter regulations. Read more AI-generated news on: https://app.chaingpt.org/news