Singapore Imposes Strict Licensing Rules on Crypto Firms Serving Overseas Clients

Singapore's Monetary Authority (MAS) has drawn a hard line for cryptocurrency companies operating within its jurisdiction. By June 30, all firms must either obtain a Digital Token Service Provider (DTSP) license or cease serving international clients entirely. The mandate applies universally—no exemptions for business size, revenue, or proportion of overseas activity.

The regulatory crackdown eliminates previous loopholes that allowed companies to target global markets while avoiding local oversight. 'Entities must either obtain a DTSP licence or cease overseas activity,' MAS declared, emphasizing there will be no transitional period. The rules hinge on a company's place of incorporation, not the location of clients or infrastructure.

This move signals Singapore's tightening grip on crypto operations amid growing global scrutiny of the sector. Firms face severe penalties for non-compliance, including fines up to $200,000 and potential jail time for founders.