BlockBeats reports that on June 12, according to Bloomberg, Singaporean regulators issued a final warning urging major cryptocurrency trading platforms operating in the country without a local license to exit promptly.
On May 30, the Monetary Authority of Singapore (MAS) announced that cryptocurrency firms established in Singapore but offering offshore services must cease operations by June 30 without a transition period. This rule applies to front-office functions such as sales. An MAS spokesperson described this as an extension of the 2022 Financial Services and Markets Act, impacting only a "very small number" of companies. Industry observers noted that the new regulation highlights the issue of unclear headquarters location among cryptocurrency firms. Legal experts warned that businesses utilizing Singapore-based teams to support offshore operations but with ambiguous service distinctions may face case-by-case reviews.
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