Singapore orders crypto firms to stop overseas activity by June
MAS will not allow transitional periods for crypto firms offering services abroad, with licences granted only in rare cases.
Singapore’s central bank, the Monetary Authority of Singapore (MAS), has mandated all local crypto service providers to halt digital token operations targeting overseas markets by 30 June 2025. Firms failing to comply risk fines of up to S$250,000 (£145,000) and imprisonment for up to three years.
The directive applies to any Singapore-based company, individual, or partnership offering digital token services abroad, regardless of their main business. MAS confirmed no transitional arrangements will be made.
Only firms licensed under current financial laws may continue without breaching the rules.
Licences for overseas digital token services will be rare due to strict AML and CFT concerns. Industry experts advise companies to restructure operations quickly to remove Singapore connections and reduce compliance risks.
Would you like to learn more about AI, tech and digital diplomacy? If so, ask our Diplo chatbot!
