Singapore Kicking Out Unlicensed Firms is Part of Global Trend
Singapore's Monetary Authority has mandated that unlicensed crypto firms cease serving overseas customers, enforcing compliance with the Financial Services and Markets Act (FSMA). This directive reflects a global trend towards stricter regulations aimed at combating money laundering and terrorism financing. The MAS asserts its consistent stance on licensing requirements, despite perceptions of a policy shift. Other jurisdictions, including Thailand and the Philippines, are also tightening regulations, expelling unlicensed exchanges. Hong Kong is emerging as a potential alternative for firms seeking licenses, though it has issued fewer licenses than Singapore. The global regulatory landscape is evolving, with major financial centers committed to enhancing compliance with Financial Action Task Force standards. The era of regulatory arbitrage in crypto is diminishing as jurisdictions increasingly demand adherence to stricter frameworks.
