Singapore Tightens Grip on Unlicensed Crypto Firms with New Rules

Singapore’s Monetary Authority (MAS) has announced a crackdown on unlicensed crypto firms operating internationally, requiring them to cease operations by June 30th or obtain a Digital Token Providers Service (DTSP) license. The new regulations under the Financial Services and Markets Act of 2022 (FSM Act) are aimed at protecting consumers and ensuring regulatory compliance for digital token providers.