The clock’s ticking for offshore-only crypto providers in Singapore, and they better get in line—or risk being left out in the cold, far from the warm embrace of tokenized finance and digital asset markets.
Tick-Tock, Offshore Crypto Providers—June 30 Deadline Means Business
On June 6, the Monetary Authority of Singapore (MAS) issued a nice, crisp clarification on what’s really going down for Digital Token Service Providers (DTSPs). Spoiler: it’s not great news for those hiding behind offshore operations. The rules under the Financial Services and Markets Act 2022, which were first published earlier this week, have left offshore crypto companies scrambling. And for those not paying attention, June 30 might just be their “oh no” moment.
The MAS, in a rather blunt manner, confirmed that if you’re an offshore crypto provider servicing only overseas clients with digital payment tokens or tokenized capital market products, you better get a license. And I mean, *really* get one. By June 30, 2025, you’ll have to do things the proper way, or else—well, let’s just say your “business” could become a thing of the past.
From 30 June 2025, DTSPs providing services solely to customers outside of Singapore relating to digital payment tokens and tokens of capital market products will need to be licensed.
And here’s the fun part: MAS also warned that licenses will generally be hard to come by, especially with the whole “money laundering” thing lurking around. You know, the usual fun stuff when regulators get involved.
But don’t worry too much if you’re a local entity working in Singapore. You’re still under the current regime, which, as it turns out, isn’t changing anytime soon. MAS made it crystal clear: if you’re already serving Singapore customers, you’re still subject to regulations—just keep on doing your thing. The real drama here is for those who’ve been playing it loose and fancy-free with offshore operations.
On the bright side, there’s a small win for those dealing with non-regulated tokens. If your business is centered around utility and governance tokens, well, you can breathe easy. MAS isn’t coming for you, at least not this time around.
Providers of services in relation to other tokens, such as those only used as utility and governance tokens, are not subject to licensing or regulation under the new regime, and hence are not impacted.
As a final kicker, MAS has been hammering this message for a while now. They’ve reached out to the affected firms, helped them with compliance planning, and reminded them again and again—June 30, 2025, is D-Day. No more avoiding the rules. Either comply, or pack up your crypto dreams.
So, get ready, folks—it’s about to get real. The MAS isn’t messing around. Those unlicensed offshore providers had better get their licenses, or they’ll find themselves scrambling to figure out how to operate in a world that has moved on without them. ☠️
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2025-06-07 12:59