Singapore’s financial regulator to ban unlicensed overseas cryptocurrency services

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MarsBit
06-02
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Mars Finance News, on June 2nd, according to Decrypt, starting from June 30th, all overseas cryptocurrency companies providing services to Singapore customers must obtain a license, otherwise they must shut down their business, as the Monetary Authority of Singapore (MAS) is intensifying efforts to combat financial crime risks. MAS confirmed that it will fully implement Article 137 of the Financial Services and Markets Act (FSM Act), which authorizes the regulatory body to license digital token service providers (DTSPs) operating in Singapore. This regulation also applies to companies registered in Singapore or employing Singaporean staff, even if they only serve overseas users.

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