Monetary Authority of Singapore orders unlicensed virtual asset companies to halt overseas services
Summary
- The Monetary Authority of Singapore announced that it has ordered companies without a Digital Token Service Provider license to halt overseas services.
- This measure will be implemented immediately with no grace period, and violations may be subject to penalties.
- The MAS stated it will be even more cautious in issuing licenses, allowing them only in very limited cases.
The Monetary Authority of Singapore (MAS) has reportedly ordered local companies without a Digital Token Service Provider (DTSP) license to suspend certain services.
On the 2nd (local time), the MAS announced on its official website, "Local virtual asset companies without a Digital Token Service Provider license must cease services to overseas customers by the 30th (local time)," adding, "This measure will be implemented with no grace period." It further stated, "Violation of this may result in penalties."
Additionally, the MAS indicated it will take a more cautious approach to issuing Digital Token Service Provider licenses in the future. MAS explained, "Services related to virtual assets are inherently high risk for money laundering and terrorist financing," and elaborated, "The issuance of licenses will be handled very carefully and only permitted in very limited cases."
Son Min
sonmin@bloomingbit.ioHello I’m Son Min, a journalist at BloomingBit
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