In today's crypto news, Singapore's central bank has mandated that local crypto firms must cease overseas operations by June 30 or risk hefty penalties, including fines of up to $200,000 and potential imprisonment. This move is part of its regulatory framework for Digital Token Service Providers under the Financial Services and Markets Act. Meanwhile, South Korea's crypto industry appears positioned to benefit regardless of the outcome of an upcoming presidential election, with both major candidates promoting pro-crypto platforms and plans to ease regulations. The candidates, Lee Jae-myung and Kim Moon-soo, have committed to expanding crypto access and legalizing crypto exchange-traded funds. Daily trading volumes in South Korea frequently exceed those of major stock indexes, demonstrating the strength of its crypto market. Additionally, the Open Network (TON) blockchain experienced a brief network outage due to a masterchain dispatch queue error but resumed operations within approximately 40 minutes after the issue was identified and fixed. These events highlight ongoing developments and regulatory challenges in the global crypto landscape.

Source 🔗