MAS Confirms Near-Ban on Foreign-Only Digital Token Services
The Monetary Authority of Singapore (MAS) has announced that starting June 30, crypto firms providing services exclusively to overseas customers will require a license, which will be granted only in "extremely limited circumstances." The MAS cited challenges in supervising offshore firms and concerns over money laundering as reasons for the stringent licensing criteria. Firms unable to secure licenses must cease regulated activities. This announcement has prompted some companies, like WazirX, to relocate operations abroad. MAS clarified that local crypto companies serving Singapore customers are already regulated, while services related to utility and governance tokens remain unaffected by the new licensing requirements. The regulatory shift comes amid rising awareness of digital assets in Singapore, with 94% of surveyed individuals familiar with at least one digital asset.
