The Monetary Authority of Singapore (MAS) has issued a final directive requiring all cryptocurrency exchanges operating without a license to cease operations by June 30, 2025.
Monetary Authority of Singapore Issues Final Ban
The Monetary Authority of Singapore (MAS) has issued a final directive requiring all cryptocurrency exchanges without a license to cease operations by June 30, 2025. This decision reflects a firm regulatory stance aimed at enforcing compliance under the Payment Services Act.
Crypto Exchanges Respond to New Regulations
In response to the directive, several cryptocurrency platforms have begun reassessing their presence in Singapore. Exchanges operating without a Digital Payment Token (DPT) license risk falling afoul of local financial regulations if they continue beyond the stipulated cutoff. Some key players with offshore headquarters have already begun to adjust their operations.
Impact on the Crypto Industry in Singapore
Despite Singapore's reputation as a leading cryptocurrency hub, a recent survey indicated a decline in retail interest. Nearly 50% of investors sold part or all of their crypto assets in the past year, although 67% still reported profits. Moreover, experts from ChainArgos warned about the severe impact on offshore-centric companies due to the new directive.
The final directive from MAS underscores Singapore's efforts to tighten control over the crypto industry, which may have significant consequences for unlicensed crypto exchanges.
