Editor's PiCK
Singapore effectively bans virtual asset services for foreigners… “Difficult to obtain a license”
Summary
- The Monetary Authority of Singapore (MAS) announced its intention to effectively ban virtual asset services provided exclusively to foreigners.
- MAS stated that it will issue licenses only in very limited cases to operators targeting overseas clients exclusively, and companies that fail to obtain a license must discontinue their business.
- However, MAS added that some services dealing only with utility or governance tokens are excluded from the scope of this regulation.
Singapore is reportedly planning to effectively ban virtual asset (cryptocurrency) services targeting only foreigners.
On the 6th (local time), according to cryptocurrency-specialized media Cointelegraph, the Monetary Authority of Singapore (MAS) announced, "Businesses providing digital asset services exclusively to overseas clients other than Singapore residents will be required to obtain a license from the 30th." The authority added, "Since this model poses significant regulatory issues, licenses will be issued only in highly limited circumstances."
According to the media, MAS is concerned that services operating for overseas clients are difficult to supervise and pose a high risk of money laundering. As a result, companies unable to obtain a license must discontinue their related business activities.
MAS added, "Not all digital asset-related businesses are subject to this regulation. Some services dealing exclusively with utility tokens or governance tokens may operate without a license."
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
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