Singapore Cracks Down on Unlicensed Crypto Firms with Strict New Rules

Singapore’s financial authority has announced stringent measures against unlicensed cryptocurrency firms operating overseas, effective June 30. The Monetary Authority of Singapore (MAS) will require local crypto providers offering digital tokens abroad to either cease operations or obtain a license by the deadline.

No grace period will be granted, as MAS asserts firms have had ample time to comply. Surveillance will intensify, with investigations targeting any attempts to circumvent regulations. The rules extend to individuals working independently in crypto, depending on their role and whether they operate from Singapore.

Exceptions apply only to firms already licensed or exempt under existing laws like the Securities and Futures Act or Payment Services Act. MAS emphasizes this approach balances innovation with consumer protection, reinforcing Singapore’s reputation as a regulated yet progressive crypto hub.