Singapore’s Central Bank Sets June 30 Deadline for Crypto Firms’ Overseas Services

By June 30, 2025, all Singapore-based entities offering digital token (DT) services abroad must either cease these activities or secure a license.

The directive comes from the Monetary Authority of Singapore (MAS) following its industry response on the proposed regulatory framework for Digital Token Service Providers (DTSPs) under the Financial Services and Markets Act of 2022 (FSM Act).

MAS made it clear there will be no transitional grace period. Any Singapore-incorporated company, individual, or partnership engaged in foreign DT services without a license must shut down operations when the provisions take effect.

Noncompliance Carries Up to $200K in Fines

MAS emphasized that under Section 137 of the FSM Act, Singapore-based businesses are presumed to be operating domestically—even if token services are aimed at overseas markets. This applies even when digital tokens are not a firm’s primary business.

Firms that ignore the rule face penalties of up to SGD 250,000 (approx. $200,000) and a maximum prison term of three years.

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Licensed Firms May Continue Under Existing Laws

Only firms already licensed or exempted under Singapore’s current financial laws—including the Securities and Futures Act, Financial Advisers Act, or Payment Services Act—may legally continue offering DT services abroad without conflicting with the new framework.

This move signals Singapore’s intent to strengthen regulatory control over digital assets and ensure all crypto activities tied to the country meet strict compliance standards.

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