Crypto News Today: Singapore Orders Crypto Firms to Halt Overseas Operations by June 30 or Face $200K Fines

The Monetary Authority of Singapore (MAS) has issued a strict ultimatum to locally incorporated crypto firms: cease all overseas digital token (DT) services by June 30, 2025, or face penalties of up to $200,000 and potential jail terms of up to three years. The directive, announced in MAS’s response to industry feedback on its proposed Digital Token Service Providers (DTSPs) framework, falls under the Financial Services and Markets Act (FSM Act) of 2022. According to MAS, no transitional period will be granted, and all Singapore-based DTSPs must immediately suspend or stop providing services abroad unless they obtain a valid license. “DTSPs which are subject to a licensing requirement under section 137 of the FSM Act must suspend or cease carrying on a business of providing DT services outside Singapore by 30 June 2025,” MAS emphasized in its statement source: https://www.binance.com/en/square/post/25071084663746?utm_source=BinanceNewsRSS