Singapore's financial regulatory agency will prohibit unlicensed overseas Crypto Assets services.

On June 2, Decrypt reported that starting from June 30, all overseas Crypto Assets companies providing services to customers in Singapore must obtain a license or cease operations, as the Monetary Authority of Singapore (MAS) is intensifying its efforts to combat financial crime risks. MAS confirmed that it will fully implement Section 137 of the Financial Services and Markets Bill (FSM Bill), which authorizes regulators to license and manage Digital Token Service Providers (DTSPs) operating in Singapore. This provision also applies to companies that, although only providing services to overseas users, are registered in Singapore or employ staff in Singapore.