Singapore Tightens Regulatory Grip: Crypto Firms Face June 30 Deadline for Overseas Services

Singapore’s Monetary Authority of Singapore (MAS) has issued a strict deadline for crypto businesses. All entities offering digital token (DT) services overseas must cease these operations by June 30, 2025, or obtain the required license. This directive follows an industry response to MAS’ proposed regulatory framework for Digital Token Service Providers (DTSPs) under the Financial Services and Markets Act of 2022 (FSM Act). Notably, there will be no transitional grace period. Businesses operating without a license in foreign DT services after June 30th face penalties up to SGD 250,000 ($200,000) or a potential three-year prison term.