On June 10, 2025, the Monetary Authority of Singapore (MAS) updated the requirements for verifying the income sources of crypto investors, tightening control over digital asset transactions. The new rules require financial companies not only to collect detailed documents confirming the legality of funds but also to analyze the origin of crypto assets, distinguishing between their types. This is part of MAS's efforts to prevent money laundering and terrorist financing.
Now banks and crypto platforms must thoroughly verify clients, which may extend the account opening process to 3–4 months. These measures are linked to the 2023 scandal when 10 individuals were arrested in Singapore for laundering $1.8 billion, prompting tighter regulation.
Despite strict regulations, Singapore remains a crypto hub: 94% of residents are aware of cryptocurrencies, although only 29% own them. $BTC dominates, held by 68% of local investors. New requirements may complicate the operations of unlicensed companies, as from June 30, 2025, crypto businesses without MAS licenses will have to cease operations.
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