Monetary Authority of Singapore: Projects issuing coins with core members residing in Singapore must obtain a DTSP license, even if the coin issuance entity is established overseas.

According to Mars Finance, the Monetary Authority of Singapore (MAS) stated in a document on May 30 that even if crypto projects issue Tokens through offshore entities in the Cayman Islands, Switzerland, and other places, as long as their core team members conduct business within Singapore (including residing in Singapore with citizenship or work visas), they still need to obtain a Digital Token Service Provider (DTSP) license under the Financial Services and Markets Act. MAS indicated that this type of operating model may also pose money laundering or reputational risks to Singapore, and therefore the same compliance regulatory requirements will apply. The relevant regulations will take effect on June 30, 2025, and MAS will not provide a transition period; entities providing DT services without a license will constitute illegal activity.