365int
Singapore is shutting down unlicensed crypto firms that serve customers overseas. On May 30, the Monetary Authority of Singapore (MAS) ordered these firms to get licensed or stop operating abroad.
This isn’t sudden. Singapore has been clear for years about licensing rules under the Payment Services Act (PSA). Many firms tried to dodge rules by avoiding local customers, focusing overseas instead. That’s ending now.
MAS’s move is part of a global effort to stop money laundering and terrorism financing. Other places like Thailand, Dubai, and Hong Kong are also tightening crypto rules.
Lawyer Joshua Chu jokes that firms trying to avoid licensing will soon be heading “to the moon” — meaning nowhere legal left to go.
Singapore is a global financial hub, not just a crypto haven. As regulations get stricter worldwide, firms must rethink their strategies.
Some expelled firms are eyeing Hong Kong, which has also been tough on unlicensed exchanges. But Hong Kong has fewer licenses issued so far, so it’s no easy fix.
Regulators worldwide, including the EU and South Korea, are ramping up crypto oversight. Singapore’s rules also follow global bodies like the Financial Action Task Force (FATF), which fights money laundering.
In short, the days of crypto firms hopping countries to avoid rules are ending. Even friendly hubs now demand compliance.
