NEWS: Singapore to ban most foreign-only crypto firms over money laundering fears
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….
