Singapore Mandates Crypto Firms to Cease Overseas Services by June 30

Singapore’s Monetary Authority (MAS) has issued a stern directive requiring local digital token service providers (DTSPs) to halt all overseas operations by June 30, 2025. Firms failing to comply face penalties nearing $200,000, with no grace period offered for existing international clients.

The regulatory crackdown follows MAS’s review of public feedback on its Financial Services and Markets Act framework. Licensed or exempted firms constitute the only exceptions to the sweeping prohibition on cross-border digital token services.

Section 137 of the FSM Act establishes that Singapore-based crypto operations are presumed domestic, necessitating local licensing for all financial services. This presumption effectively eliminates regulatory arbitrage opportunities for firms serving foreign markets from Singaporean jurisdiction.