Singapore’s crypto industry faces a major shakeup as the Monetary Authority of Singapore (MAS) demands local digital token service providers (DTSPs) cease foreign operations by June 30. The rule, stemming from the FSM Act 2022, applies even to firms with token services as a secondary business line.
No extensions will be granted—companies must either exit overseas markets or secure a license before the deadline. MAS stressed that Section 137 treats all Singapore-incorporated entities as domestic operators, regardless of where services are offered.
Non-compliance carries heavy fines (S$250,000) and potential jail time, underscoring Singapore’s tightening grip on crypto regulation.
