Singapore tightens crypto regulations, restricting services for foreign customers.

robot
Abstract generation in progress

On June 6, the Monetary Authority of Singapore (MAS) confirmed that from June 30, crypto companies serving customers outside of Singapore related to digital tokens and capital market products must have a license. However, this license will only be granted in "extremely limited cases" due to the difficulty in controlling money laundering risks and supervising offshore businesses.

Businesses that do not meet the requirements will have to cease related operations. The new regulation has caused WazirX to move its operations to Panama to avoid regulations.

MA emphasizes that services related to utility tokens or governance are not within the scope of the new licensing.

Singapore continues to maintain strict control over the crypto market despite the growing awareness of cryptocurrencies here.

View Original
This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.
  • Reward
  • Comment
  • Share
Comment
0/400
No comments
Trade Crypto Anywhere Anytime
qrCode
Scan to download Gate app
Community
English
  • 简体中文
  • English
  • Tiếng Việt
  • 繁體中文
  • Español
  • Русский
  • Français (Afrique)
  • Português (Portugal)
  • Bahasa Indonesia
  • 日本語
  • بالعربية
  • Українська
  • Português (Brasil)