Singapore Directs Crypto Firms to Halt Overseas Operations in Crackdown on Unlicensed Providers

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Singapore’s Monetary Authority of Singapore (MAS) is tightening its grip on the crypto industry, responding to feedback on proposed regulations. Recent directives demand that Digital Token Service Providers (DTSPs) in Singapore cease overseas operations by the end of May. This move aims to centralize control over crypto services and ensure compliance with Singaporean regulations.

The regulator is also implementing stricter licensing procedures, limiting the number of DTSP licenses issued. This crackdown on unlicensed DTSPs signals a shift towards more stringent oversight, prioritizing investor protection and financial stability within the rapidly evolving crypto landscape. The MAS aims to establish a clear regulatory framework, fostering responsible innovation while mitigating potential risks associated with digital assets.

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