Singapore Tightens Cryptocurrency Regulations with Near-Ban on Foreign Services

Singapore has implemented stringent new rules that effectively restrict digital token service providers to only serving local residents. The Monetary Authority of Singapore (MAS) has announced that any DPT service aiming exclusively at foreign customers and lacking local user support will not receive a license. This policy reflects the government’s commitment to safeguarding its financial ecosystem and strengthening AML/CFT controls within cryptocurrency operations.