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Singapore told Kripto companies based in the country Stop offing digital token services to customers abroad unless they have the right license.
The deadline to be fulfilled is 30 June 2025. Announcement came from The monetary authority of Singapore (Mas)which reviewed feedback on the proposed rules for Digital Token Provider (DTSPS) under the Law on Financial Services and Markets Adopted in 2022.
According to MAS, any person or company operating from Singapore that provides these services outside the country will need a license to continue.
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The government explained that Companies offering such services abroad are still seen as being operated by SingaporeEven if that work is not their main activity. These companies belong Section 137 A law that requires a license.
Mas said that those who continue without permission could Face up to $ 250,000 fines (about $ 200,000) And as much as Three years in prison.
Lawyer Hagen Rooke, partner of Gibson, Dunn & Crutcher, UA said LinkedIn post::
The MAS will approve the licenses according to the new frame only in extremely limited circumstances.
He explained that it was due to concern about the risk of money laundering and financing terrorism.
Some companies that already have licenses under other financial laws, such as the Securities Law and the Future, the Law on Financial Advisers or the Wage Act, may continue to operate without breach of new rules.
Meanwhile, El Salvador can get $ 120 million from the International Monetary Fund (IMF), in accordance with certain conditions. What are they? Read the whole story.
After a master’s degree in economics, politics and culture of the East Asia region, Aaron wrote scientific papers by analyzing the differences between Western and collective forms of capitalism in the Era after World War II.
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