• MAS will require any Singapore-based crypto entity serving overseas clients to obtain a licence or to cease cross-border operations
• The financial institution has stated they will issue licences only in extremely limited circumstances
• Non-compliance leads to up to $200,000 fines and up to three years of imprisonment

Effective June 30, the Monetary Authority of Singapore (MAS) will require any Singapore-based crypto entity serving overseas clients to obtain a Digital Token Service Provider (DTSP) licence or immediately cease cross-border operations. 

Regardless of business size, revenue share, or server location, this covers companies, partnerships, or individuals if they offer token services beyond Singapore. As for the services covered, it includes token transfers, exchanges, custody, advisory, and promotion.

While licences can be issued, MAS has stated it will do so only in extremely limited circumstances due to persistent anti-money laundering and counter-terror financing concerns.

MAS emphasizes there will be no extensions or transitions, and that non-compliance leads to up to SGD 250,000 (approximately $200,000) fines and up to three years of impr…

The post Singapore’s June 30 Crypto Deadline Forces Firms to Secure License or Exit appeared first on Coin Edition.

• MAS will require any Singapore-based crypto entity serving overseas clients to obtain a licence or to cease cross-border operations
• The financial institution has stated they will issue licences only in extremely limited circumstances
• Non-compliance leads to up to $200,000 fines and up to three years of imprisonment

Effective June 30, the Monetary Authority of Singapore (MAS) will require any Singapore-based crypto entity serving overseas clients to obtain a Digital Token Service Provider (DTSP) licence or immediately cease cross-border operations. 

Regardless of business size, revenue share, or server location, this covers companies, partnerships, or individuals if they offer token services beyond Singapore. As for the services covered, it includes token transfers, exchanges, custody, advisory, and promotion.

While licences can be issued, MAS has stated it will do so only in extremely limited circumstances due to persistent anti-money laundering and counter-terror financing concerns.

MAS emphasizes there will be no extensions or transitions, and that non-compliance leads to up to SGD 250,000 (approximately $200,000) fines and up to three years of impr…

The post Singapore’s June 30 Crypto Deadline Forces Firms to Secure License or Exit appeared first on Coin Edition.