The monetary authority in Singapore (Mas) warned against attempts to bypass the prohibition which was imposed on the provision of digital money services abroad, whether through the intermediary or by transporting operations abroad while continuing to manage them from Singapore.
Friday, the central bank of Singapore had all local Crapeto service providers warned who do not have a DVA (DTSP) supplier, that all their external operations should be completed no later than June 30. This step intervenes in Singapore’s efforts to strengthen organizational surveillance and protect the growing segment of small chips investors.
The monetary authority in Singapore (Mas) explains that the provision of services to external customers is only authorized for DTSP licenses under the payment services law, and it also requires that entities whose license procedures have not completely ceased to stop these activities.
The Mas of Singapore has mandated that all local cryptography companies with a DTSP license must stop serving customers abroad by June 30, 2025, without authorized transition period. Non-compliance will lead to penalties.https: //t.co/wnqc0pmdqqq
– Wu Blockchain (@wublockchain) June 2, 2025
The Singaporean monetary authority warns that unauthorized companies exceed by carrying out their operations abroad
In its official response to the observations of the sector, Mas warned that the provision of external services without regulatory approvals could expose customers to unfair practices and increase the risk of illegal financial behavior.
The authority rejected calls for a request for progressive transfer, noting that companies have been aware of these requirements since the launch of consultations, and it was supposed to be ready to comply with this law; The authority also stressed that its policy aims to balance user protection and improve a safe and stable digital environment.
On the other hand, the authority explained that the organizational prohibition applies, that the external services were provided directly or through intermediaries, and warned that attempts to bypass the laws by transferring part of the operations abroad and managing them from Singapore will be considered a violation of the law.
Singapore continues to strengthen regulatory rules in parallel with high rates of use of digital assets
In order to improve responsibility, the monetary authority in Singapore has confirmed that it would increase the control procedures and monitor the suspected provisions of bypassing license requirements and open surveys. This comes from the light of the notable increase in the use of digital assets within the country, according to a report published by the Times Straits in April 2024, the percentage of Singaporeans who have digital assets of 26% compared to 24.4% in 2023. In addition, the adoption rate is the highest level among the younger generations, as it has around 40% of members of the millennium.
52% of digital asset owners said they used digital currencies in payment operations, while 67% expressed their intention to do so in the future. The most important uses are electronic purchases and payment of invoices and purchases in stores, and older users tend to use isotope to isotope (P2P) for their friends and families, especially in the case of international transfers.
Despite the growing use of digital currencies, some challenges still exist, because more than 60% of participants see that the treatment of digital currencies is very complex, while 54% of them considered that the limited acceptance of stores represents a major obstacle. However, large sizes of digital currency transactions support Singapore as a major center in Asian efforts to regulate digital funding.
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