The Singapore DTSP Act comes into effect today, and unlicensed platforms will exit the market.

On June 30, the Monetary Authority of Singapore (MAS) announced the scope of the regulatory framework for Digital Token Service Providers (DTSPs). Starting from June 30, 2025, DTSPs that provide digital payment tokens and capital market product token services exclusively to customers outside Singapore will be required to obtain a license. MAS stated that it will set high standards for licensing and generally will not issue licenses. The announcement pointed out that providers offering digital payment token or capital market product token services to Singaporean customers are already regulated under current laws, and these licensed providers can simultaneously serve overseas customers. However, providers that only offer services related to utility and governance tokens are not subject to the new regulatory framework. On June 12, Singapore's regulators issued a final warning, urging major cryptocurrency trading platforms operating in the country without local licenses to exit swiftly. What impact will the new regulations have on the crypto world? Rhythm BlockBeats previously engaged in an in-depth dialogue with guests on the theme "Is the Web3 Paradise Ending? What is the impact of the Singapore DTSP Bill?" which is available for review.