Singapore’s Monetary Authority has mandated that local crypto firms must stop offering digital token services to overseas markets by June 30, or face substantial penalties, including fines close to $200,000. This directive follows feedback on the proposed regulatory framework for Digital Token Service Providers (DSTPs) under the Financial Services and Markets Act of 2022. Firms that continue providing services abroad without proper licensing may incur fines of up to 250,000 Singaporean dollars and potential imprisonment. The MAS emphasizes that these businesses, even if their overseas activities are not primary, are still subject to local licensing due to their incorporation in Singapore. Additionally, licenses will be granted only under rare circumstances due to increasing concerns regarding Anti-Money Laundering and Counter-Terrorist Financing regulations. This move represents a significant tightening of crypto regulation in Singapore as authorities respond to risks in the sector.

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