Singapore Imposes Deadline for All Crypto Firms, Foreign Clients Face Scrutiny
Singapore’s Monetary Authority (MAS) has upheld a strict June 30 deadline for all major crypto firms to obtain licenses, regardless of whether they serve the local market. Failure means cessation of operations.
Key Developments
- Scope: Requires all prominent crypto service providers to secure licenses, even if their customer base is entirely overseas.
- Timeline: All applications and operations must comply before June 30, no extensions granted.
- Largest Firms Affected: Bitfinix, Kraken, Voyager Digital veteran companies seeking relocation are in advanced negotiations.
- Exodus Expected: Established non-local players are relocating to Dubai and Hong Kong, whose more accommodating frameworks offer relief.
Regulatory Stance & Requirements
The “Threading the Needle” Dilemma
Industry experts debate Singapore’s approach. While MAS officials position it as ensuring fair oversight comparable to local firms, analysts regard it as a significant tightening forcing large international firms to establish physical presence here, whether operating locally or serving foreign clientele.
“This isn’t about restricting the industry but about protecting the integrity of the regulatory framework,” notes industry insider Hong Wingming.
