Singapore’s MAS Issues Ultimatum to Crypto Firms: Stop Overseas Activity or Face Penalties
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The Monetary Authority of Singapore (MAS) has mandated that all locally incorporated digital token service providers (DTSPs) halt overseas operations by June 30, 2025, unless licensed. The directive, part of the FSM Act 2022, leaves no room for transitional relief.
Under Section 137, even firms with minimal overseas crypto activity are considered Singapore-based and must comply. MAS warned that violations could lead to S$250,000 fines and imprisonment—a clear signal of its zero-tolerance approach.
The move follows industry consultations, with MAS insisting that Singapore-licensed firms must focus on domestic compliance before expanding abroad.
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