Source :
Apple Intelligence :
• Regulation Target: Unlicensed cryptocurrency firms operating in Singapore that only serve overseas markets.
• Regulation Deadline: June 30.
• Regulation Goal: Closing a loophole and ensuring digital token service providers meet the same standards to bolster trust and align with global anti-money laundering efforts.
• Regulation Impact: Singapore’s Monetary Authority of Singapore (MAS) is implementing stricter regulations on cryptocurrency firms, impacting both licensed and unlicensed entities.
• Licensing Challenges: While major players like Coinbase and OKX have obtained licenses, smaller firms face difficulties in obtaining licenses and complying with new regulations.
• Industry Response: Larger firms are adapting by relocating staff and operations, while smaller firms may face compliance costs, legal restructuring, or shutdown.
• Impact on Employees: Employees working for digital token firms generally do not have to relocate due to MAS’ stricter rules.
• Industry Reaction: Singapore’s approach to crypto, while not universally embraced, has been consistent.
• Compliance Efforts: Centralized exchanges have implemented enhanced KYC and AML measures to comply with regulations and prevent illicit activities.
• MAS’s Stance on Crypto Businesses: Firms with a substantive presence in Singapore, including servicing local customers, can still obtain licenses.
• Industry Preparation Time: The industry has had sufficient time to prepare for licensing requirements since the Financial Services and Markets Act was passed in April 2022.
• Impact of MAS’s Decision: A small number of providers are affected, and it doesn’t signify hostility towards digital assets but rather emphasizes meeting Singapore’s standards.
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