Singapore's Monetary Authority (Mas) mandates all local entities providing digital token services to foreign clients to acquire a DTSP license by June 30, 2025, or cease cross-border operations immediately. The rules are stringent, with no grace period or extensions. Non-compliance could lead to fines up to $200,000 SGD and up to three years in prison. Mas aims to regulate offshore token services to safeguard Singapore's reputation as a trusted financial hub. 🇸🇬💰
Mas broadens the definition of digital token service providers (DTSPs) to encompass any entity offering token-related services abroad, irrespective of size or structure. The regulatory focus is on the place of incorporation rather than the end user location. Failure to comply with the June 30 deadline will result in penalties, emphasizing legal survival over company size or income. The stringent regulations aim to prevent financial crimes and ensure compliance. 📝⚖️
https://altcoin.observer/singapore-new-crypto-rules-200000-fines-prison-risk/
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