Singapore confirms near-ban on foreign-only digital token services
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The Monetary Authority of Singapore has effectively banned most crypto firms from serving only foreign clients by requiring a license, which it says it will “generally not issue.”
The Monetary Authority of Singapore (MAS) has shed light on its Digital Token Service Providers (DTSPs) regime, following widespread panic in the industry over a potential ban on crypto firms serving overseas clients
In a June 6 announcement, MAS reiterated that starting June 30, crypto firms “providing services solely to customers outside of Singapore relating to digital payment tokens and tokens of capital market products will need to be licensed.”
However, the regulator warned that such licenses will be granted only in “extremely limited circumstances.”
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