Singapore regulators urge cryptocurrency trading platforms without local licenses to quickly exit

On June 12th, according to Bloomberg, Singapore regulators issued a final warning urging major cryptocurrency trading platforms operating in the country without local licenses to quickly exit, according to insiders. On May 30th, the Monetary Authority of Singapore (MAS) announced that cryptocurrency companies that set up entities in Singapore but provide offshore services are required to cease operations before June 30th without a transition period, and all front-end functional institutions involved in sales are subject to restrictions. A spokesperson for MAS stated that this is a continuation of the 2022 Financial Services and Markets Act and only affects a "very small" number of companies. The industry pointed out that the new regulations have exposed the problem of unclear positioning of the headquarters of encryption companies. Legal experts said that using Singapore teams to support offshore business but with unclear service definitions may face individual case reviews.