Singapore Urges Unlicensed Crypto Platforms to Cease Operations

According to BlockBeats, Singapore's regulatory authorities have issued a final warning to major cryptocurrency exchanges operating without local licenses, urging them to exit the market promptly. This development follows a report by Bloomberg citing informed sources. On May 30, the Monetary Authority of Singapore (MAS) announced that crypto firms with a physical presence in Singapore but offering offshore services must cease operations by June 30, with no transition period allowed. This directive affects all front-office functions, including sales. An MAS spokesperson clarified that this move is an extension of the Financial Services and Markets Act of 2022 and impacts only a 'very small number' of companies. Industry experts have highlighted that the new regulations underscore the challenges faced by crypto firms regarding unclear headquarters locations. Legal professionals warn that companies using Singapore-based teams to support offshore activities, where service definitions are ambiguous, may face individual scrutiny.