By PAUL O’DONOGHUE, Senior Correspondent

SINGAPORE will ban most crypto firms that serve only overseas customers, due to money laundering concerns.

From June 30, these firms must hold a licence from the Monetary Authority of Singapore (MAS). However, the regulator said in a statement: “MAS has set the bar high for licensing and will generally not issue a licence.”

It added: “”The money laundering risks are higher in such business models.

“If their substantive regulated activity is outside of Singapore, MAS is unable to effectively supervise such persons.”

Without a licence, DTSPs (Digital Token Service Providers) must stop offering services to foreign clients once the new rules take effect….