- MAS has made it clear that they will not provide any form of extension, grace period or transitional event.
- In order to continue to participate in cross -border digital asset activities, all companies covered by these new regulations must comply with.
A DTSP license is required for all Singapore-Baled companies that provide digital token services to customers abroad, otherwise they are immediately obliged to terminate cross -border activities by the monetary authority in Singapore (BUT).
Every Singaporan business, partnership or person offering digital token services to customers outside Singapore will be required to do one of the following from June 30, 2025: either stop doing immediately in international markets. Or get a license for digital token supplier (DTSP) in accordance with the Act on Financial Services and Markets (FSM) 2022.
Strict compliance
Nothing can be interpreted by this order. MAS has made it clear that they will not provide any form of extension, grace period or transitional event. In order to continue to participate in cross -border digital asset activities, all companies covered by these new regulations must comply with.
The size of a company’s international operations is irrelevant to the application of these regulations. Companies are not immune, although their international clientele only accounts for a small percentage of their total sales. By addressing this important regulatory gap, MAS ensures that crypto companies located in Singapore cannot continue to serve consumers all over the world. Especially which are subject to stricter regulations in other countries.
All companies, regardless of size, structure or direct user engagement, deliver token -related services abroad are considered a DTSP according to Singapore’s new regulations. Mas has deliberately broadened the definition. All centralized Cryptocurrency exchanges, decentralized financial infrastructures, wallet suppliers, token issuers and even non-Crypto companies that provide services affiliated with tokens to customers outside Singapore fall under this category.
This means that a Singaporan company that promotes an offshore Cryptocurrency project can be considered a DTSP. Whether they handle user funds directly or not.
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