Singapore's central bank has ordered local digital token service providers (DTSPs) to stop offering services to overseas markets by June 30, 2025.
The Monetary Authority of Singapore (MAS) confirmed the deadline in its response to industry comments on its proposed regulatory framework under the Financial Services and Markets Act (FSM Act) of 2022.
No transitional arrangements will be granted: Singapore-incorporated companies providing digital token services overseas must cease operations or obtain a license by the deadline.
Violations could result in fines of up to S$250,000 (US$200,000) and three years' imprisonment.