Singaporean regulators have intensified their regulatory stance on cryptocurrency trading platforms, mandating that those operating without a valid local license must exit the market immediately, as reported by Bloomberg on June 12. This directive follows the Monetary Authority of Singapore’s (MAS) announcement on May 30, which requires crypto firms based in Singapore but servicing offshore clients to halt operations by June 30, with no grace period. The regulation specifically targets front-office activities, including sales functions, reinforcing MAS’s commitment to stringent compliance under the Financial Services and Markets Act 2022.
The MAS clarified that this enforcement affects only a limited number of entities, emphasizing the importance of transparent corporate domiciliation. Industry analysts highlight that the move addresses the prevalent ambiguity surrounding the official headquarters of many cryptocurrency firms. Legal experts caution that companies leveraging Singapore-based teams for offshore services without clear operational boundaries may be subjected to rigorous, individualized scrutiny, signaling a more cautious regulatory environment for crypto businesses in the region.