Cryptocurrency companies operating in Singapore must obtain a license by June 30, 2025, or they will have to completely cease their activities in the country. The new rules apply to digital token service providers (DTSP) that operate or are registered in Singapore, as well as those with business interests in the territory, even if they serve clients abroad.
This is reported by Finway
Strict Requirements for Crypto Businesses in Singapore
The changes are implemented in accordance with the Financial Services and Markets Act, approved by the Parliament of Singapore. The financial market regulator, the Monetary Authority of Singapore (MAS), has not provided any transitional period for the implementation of the new regulations. The final version of the rules, published by MAS on May 30, covers companies registered in Singapore as well as those with a “place of business” in the country. This may include not only large exchanges and DeFi platforms but also independent developers, influencers, and leaders of crypto projects.
Regulatory Details and Exceptions for Remote Workers
MAS clarified that a “place of business” can be considered any location in Singapore where relevant services are provided, including mobile stands or coworking spaces. However, for remote workers who are employed by a company registered outside of Singapore, a license is not mandatory. At the same time, if the work is conducted in a coworking space or partner office, this may be seen as a violation.
“If a person works for an employer registered abroad and performs work solely within the scope of their employment obligations, a license is not required. But if the work is done from a coworking space or partner offices — that already poses a risk of violation.”
The new regulatory regime prohibits the provision of services related to digital tokens without a license from within Singapore. An exception is made only for remote home work; however, there remain gray areas in this matter. The regulation extends to project founders, employees in partner offices, sales department workers, and directors who organize meetings.
As of now, 33 companies have already obtained a license, including major players such as Coinbase, Circle, DBS Vickers, FOMO Pay, OKX, Upbit, and others.
Singapore topped the global ranking of countries for cryptocurrency adoption in 2024, highlighting the importance of this market for the global digital asset industry.