Key Takeaways:
- Singapore’s Monetary Authority has mandated unlicensed crypto firms to halt operations by June 30, offering no grace period.
- Leading platforms like Bitget and Bybit are preparing staff relocations to Dubai and Hong Kong.
- The crackdown could affect hundreds of jobs and reshape Singapore’s role in the global crypto landscape.
Singapore’s position as a regional crypto powerhouse is facing a turning point as its financial regulator enforces a hard deadline for unlicensed digital asset firms. The Monetary Authority of Singapore (MAS) has issued a final directive requiring such companies to wind down overseas-serving operations based out of the country by June 30.
The move is set to shake the operational foundations of several large exchanges, some of which are now exploring rapid exits. This latest policy stance underscores the Republic’s intent to tighten oversight after earlier market turbulence and failed projects in the digital asset space.
By firmly drawing the line, MAS has clarified that entities without appropriate licensing, especially those managing overseas clients or housing front-office operations in Singapore, will not be tolerated.
Crypto Exchanges Bitget and Bybit Relocate Operations
Bitget and Bybit, ranked among the world’s top ten exchanges by trading volume, are already preparing contingency plans to meet the regulator’s demands.
Without the required permits, both firms are expected to move teams to crypto-friendlier jurisdictions like Dubai and Hong Kong, which have emerged as preferred alternatives for companies facing regulatory headwinds in Singapore.
The changes are not just administrative. According to industry sources, the realignment may affect hundreds of people working in Singapore.
With a narrowly defined path to obtaining licenses and no transitional arrangements permitted, firms with significant local footprints are now compelled to make decisive moves or face regulatory penalties.
Questions Remain Amid Compliance Uncertainty
While MAS stressed that the new regulations would apply only to a handful of providers, uncertainty still hangs over how the regime will fit companies with decentralized or opaque structures.
Most crypto businesses do not have a clearly defined headquarters, making it impossible to measure compliance. Besides, the blurring of lines between services provided by local teams and overseas operations makes it even harder.
While licensed firms remain unaffected, the directive signals Singapore’s pivot toward more rigid enforcement, seeking to distance itself from past industry failures.
With the June 30 deadline looming, the city-state’s crypto sector is entering a critical transition, likely to redefine its role in the broader global digital economy.
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