Singapore's Monetary Authority has set a June 30 deadline for crypto firms operating overseas to obtain a license or cease operations, citing financial crime risks. This policy will impact firms incorporated or staffed in Singapore that serve only foreign clients, with no exemptions or transition period. The mandate follows a broader global effort to tighten regulations similar to a recent penalty against Australia's Cointree for delayed money laundering reports. The MAS confirmed it will implement Section 137 of the Financial Services and Markets Act to regulate Digital Token Service Providers (DTSPs). Firms must hold a minimum base capital of $185,000, re-onboard customers, implement the FATF Travel Rule, and meet technology risk standards. Failure to comply after the deadline will result in penalties. There's no transitional arrangement, emphasizing the urgency for firms to act quickly. As of now, the MAS has issued 33 digital payment token licenses, with ongoing scrutiny of cross-border services due to heightened risks of money laundering and terrorism financing.

Source đź”—