The Monetary Authority of Singapore (MAS) has announced that it has introduced some new rules for companies in Singapore that offer digital token services, like cryptocurrencies. The rules apply to all companies in the country, including those that only serve customers for digital tokens abroad.
As per the announcement, all companies that are engaged in offering digital tokens now need to get a valid license from MAS by 30th June, 2025, before the rules officially take effect in the country. It further stated that the firms have to obey the strict rules to keep their operations safe and trustworthy in the country. This initiative is taken to ensure strong systems are in place to manage risks, protect against hacking, and check that their business leaders are qualified and trustworthy.
Companies based in Singapore must obey these rules, even if they have no customers there. Crimes, like money laundering, can still happen through these businesses, even if their clients are overseas. Hence, the government has implemented these rules to ensure that Singapore remains safe in the financial services sector, preventing misuse and helping the country maintain a strong global reputation.
As per the reports, from now on, companies that offer digital token services in Singapore should have a minimum amount of money for their operations. MAS also said companies must verify their customers’ identities and ensure their services aren’t used for illegal activities.
Recently, Thailand’s SEC has also stated that it will ban unlicensed crypto exchanges in the country by June 2025. These initiatives will help to make sure that the country’s financial system stays safe, open, and trusted by investors.
