Singapore’s Monetary Authority (MAS) has issued a final directive requiring all cryptocurrency exchanges operating without a license to cease operations by June 30. The mandate marks a firm regulatory stance aimed at enforcing compliance under the Payment Services Act, according to Bloomberg.
The initial notice was sent at the end of May, followed by a clarification in June, reaffirming that no “transition time” would be granted. MAS also warned that any license applications submitted close to the deadline would be considered only under “extremely limited” circumstances.
IMG TXT: Singapore’s MAS issues final warning for unlicensed crypto exchanges. Source: Wu Blockchain.
In response, several crypto 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.
MAS emphasized that this policy shift should not come as a surprise, citing multiple prior communications on the matter.
“This move should also not come as a surprise to the industry as we have consistently communicated our position on such service providers on various occasions,”
a MAS spokesperson told Bloomberg. While regulators insist that only a “very small” number of providers will be affected, key players with offshore headquarters have already begun adjusting operations.
According to internal sources, both Bitget and Bybit are preparing to restructure their Singapore-based teams. Bitget plans to relocate its staff to branches in Dubai or Hong Kong, while Bybit is reportedly exploring similar options. However, both firms declined to comment on their transition strategies.
Meanwhile, blockchain intelligence firm ChainArgos, which remains unaffected by the MAS directive, warned that the impact on offshore-centric crypto companies would be “severe.” “This is almost as good as an evacuation procedure,” said Patrick Tan, General Counsel at ChainArgos.
Despite Singapore’s reputation as a leading cryptocurrency hub, home to giants like Coinbase and Crypto.com, a recent survey revealed a decline in retail interest. Nearly 50% of investors sold part or all of their crypto assets in the past year, though 67% still turned a profit.
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