12-6-2025 – Singapore’s financial watchdog, the Monetary Authority of Singapore (MAS), has issued a stern ultimatum to unlicensed cryptocurrency exchanges, demanding their swift withdrawal from the city-state’s market. The directive, announced on May 30, 2025, mandates that firms with a physical presence in Singapore but operating offshore services must halt all activities, including front-office functions like sales, by June 30, with no grace period granted. This development, reported by Bloomberg and corroborated by well-placed sources, signals a robust enforcement of the Financial Services and Markets Act of 2022.
The MAS’s crackdown targets a select group of crypto enterprises—described as a “very small number” by an official spokesperson—that have leveraged Singapore’s infrastructure while servicing international markets. Industry observers note that the new rules cast a spotlight on the murky issue of headquarters designation, a persistent challenge for crypto firms navigating global regulations. Legal experts caution that companies employing Singapore-based staff to bolster offshore operations, particularly where service boundaries are ill-defined, could face intense individual scrutiny.
