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Singapore’s New Rules Threaten Crypto Founders With Jail and $200K Fines
- Singapore has set a deadline for crypto companies based within its jurisdiction to stop serving overseas clients without a license by the end of June.
- The Monetary Authority of Singapore (MAS) has emphasized that no grace period, transition plan, or extension will be provided, requiring firms to comply or cease operations.
- Effective June 30, any entity incorporated in Singapore offering digital token services to clients outside the country must hold a Digital Token Service Provider (DTSP) license under the Financial Services and Markets Act 2022.
- MAS's directive covers all companies, partnerships, or sole proprietors regardless of size or international exposure, closing a loophole to evade local oversight while targeting global markets.
- Enforcement will focus on where the company is incorporated, not where its clients reside, with criminal penalties including fines up to USD 200,000 and/or imprisonment for up to three years for unlicensed firms continuing overseas operations post June 30.
- MAS plans strict enforcement and rejects calls for more lenient implementation, with new licence approvals expected to be rare due to Anti-Money Laundering (AML) concerns.
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