Singapore Establishes 30 June Cut-off For Digital Coin Service Providers To Cease Serving International Clients

Singapore is intensifying its crackdown on unlicensed Digital Token Service Providers (DTSPs), issuing a clear ultimatum: by 30 June 2025, DTSPs must secure a license or cease serving clients from abroad.

On 30 May 2025, the Monetary Authority of Singapore released a document stating, “DTSPs required to obtain a license under section 137 of the FSM Act must either halt or discontinue the provision of DT services outside of Singapore by 30 June 2025.”

Importantly, the MAS has provided no transition phase for DTSPs. Thus, there will be no leniency for those companies failing to meet the deadline.

SINGAPORE DIRECTS CRYPTO FIRMS TO CEASE SERVICES TO OVERSEAS CLIENTS: DETAILS…

– The Monetary Authority of Singapore (MAS), the nation’s central bank, has enforced a strict deadline.

– All local crypto asset businesses lacking a Digital Crypto token Service Provider (DTSP) license must stop providing services to… pic.twitter.com/HMcIFQ2U8f

— BSCN (@BSCNews) June 2, 2025

Singapore initially indicated its aim to bolster the regulatory framework in October 2024 when it launched public discussions regarding licensing necessities for crypto service providers.

By November 2024, the discussions wrapped up, and the authority promptly rolled out new regulations. The revised framework mandates that all firms providing DPT services—particularly those addressing international customers—secure the appropriate licenses or face significant penalties for failing to comply.

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Reactions from the Crypto Sector in Singapore

The MAS has also indicated that only a limited number of applications will be sanctioned, signaling increased worries regarding financial misconduct and money laundering.

The crypto sector reacted vehemently to the new regulations, with numerous firms expressing worries about the strict four-week timeframe for crypto law. These companies contend that there may not be adequate time to modify their operations and submit the necessary documents.

Some stakeholders in the industry suggested various alternatives, including a grace period, temporary exemptions for applications under evaluation, or a fast-track process for more straightforward business structures.

Singapore is flexing those regulatory muscles again. But honestly – this only redirects innovation elsewhere. The essence of crypto: if you erect barriers, we construct pathways. Or tunnels. Occasionally trebuchets.

— KOLIN (@kolin_ai) June 2, 2025

“The consequences are severe. Offenders could incur fines up to SGD 250,000 (approximately $200,000) and face up to three years in prison,” commented Netizens.

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The article Singapore Sets 30 June Deadline For Digital Token Service Providers To Stop Serving Overseas Clients first appeared on 99Bitcoins.