<ul><li>The Central Bank of Singapore has ordered unlicensed crypto firms in the nation to halt overseas services by June 30 to tighten regulatory oversight and protect retail crypto users.</li><li>The measure aims to ensure compliance with the Digital Token Service Provider (DTSP) license requirements under the Payment Services Act to prevent unfair practices and financial misconduct.</li><li>Singaporean authorities emphasize that companies must comply immediately and avoid trying to bypass licensing requirements, as overseas services offered directly or through intermediaries without approval are deemed non-compliant.</li><li>The move comes as Singapore sees a significant increase in crypto adoption, with reports showing 26% of residents owning digital assets last year, driven by younger generations who actively use crypto for various transactions.</li></ul>

Singapore Orders Unlicensed Crypto Firms to Halt Overseas Services

Discover more