The Monetary Authority of Singapore will ban unlicensed overseas cryptocurrency services

June 2nd. According to Decrypt, starting from June 30th, all overseas cryptocurrency companies that serve Singaporean customers are required to obtain a license. Otherwise, they must cease operations. This is because the Monetary Authority of Singapore (MAS) is intensifying its efforts to combat financial crime risks. MAS has confirmed that it will fully implement Section 137 of the Financial Services and Markets Act (FSM Act), which gives the regulator the power to license and regulate Digital Token Service Providers (DTSPs) operating in Singapore. This regulation also applies to those companies that, even if they only serve overseas users but are incorporated in Singapore or have Singaporean employees.