From Cointelegraph

June 6, 2025 9:36 AM:

The Monetary Authority of Singapore (MAS) clarified its Digital Token Service Providers (DTSPs) regime, requiring crypto firms serving overseas clients to be licensed starting June 30. MAS warned licenses will be granted in limited circumstances due to supervisory challenges and money laundering risks.

The MAS deadline triggered a crypto exodus, with Singapore-based WazirX moving operations to Panama. Hagen Rooke stated that licenses will be rare under the new framework. Singapore tightens controls, clarifying that only providers of specific tokens are affected, not utility or governance tokens.

Recent reports show Singaporeans are highly aware of digital assets, with 94% familiar with at least one cryptocurrency. Singapore’s regulatory shift aims to maintain strict control over the local crypto industry, expanding rules to cover firms serving customers abroad.

Read more at Cointelegraph: MAS Confirms Near-Ban on Foreign-Only Digital Token Services