Singapore Enforces Licensing for Overseas Crypto Services
- The Monetary Authority of Singapore (MAS) has mandated that all crypto firms serving overseas clients must obtain a license by May 30, 2025.
- This directive aligns with global efforts to combat money laundering and terrorism financing.
- Hong Kong and other jurisdictions are also tightening regulations, reducing options for unlicensed crypto firms.
- Bybit is considering relocating to Hong Kong after being expelled from Thailand due to licensing issues.
- Singapore’s Financial Services and Markets Act (FSMA) requires overseas-serving digital token businesses to be licensed, consistent with past regulatory communications.
Singapore’s new licensing requirements for crypto firms serving overseas clients reflect a broader global regulatory trend. The Monetary Authority of Singapore’s directive aims to curb money laundering and terrorism financing, pushing companies like Bybit to consider relocation options such as Hong Kong.
Source (3.5)https://cointelegraph.com/news/singapore-crypto-shelter-elsewhere?utm_source=rss_feed&utm_medium=rss_tag_bitcoin&utm_campaign=rss_partner_inbound&rand=50490
