Singapore Financial Watchdog to Ban Overseas Crypto Services Without License
Crypto firms serving Singapore customers from abroad must obtain a license or cease operations by June 30, as mandated by the Monetary Authority of Singapore (MAS). This enforcement follows the full implementation of Section 137 of the Financial Services and Markets Act, requiring licensing for Digital Token Service Providers (DTSPs) operating in Singapore. No transitional arrangements will be provided, and firms operating without a license post-deadline will face penalties. MAS emphasized the need for regulation due to increased money laundering and terrorism financing risks. Firms must maintain a minimum base capital of $185,000 (SGD 250,000), re-onboard customers with due diligence, implement the FATF Travel Rule, and meet technology risk standards. Independent consultants for foreign crypto firms may also require licensing. As of June 2, 2025, MAS has issued 33 digital payment token licenses, with major firms like Coinbase among the recipients.
