Singapore regulators urge cryptocurrency platforms without local licenses to exit swiftly.

On June 12, according to Bloomberg, Singapore's regulator issued a final warning, urging major cryptocurrency trading platforms operating in the country but not holding local licenses to quickly exit, according to people familiar with the matter. On May 30, the Monetary Authority of Singapore (MAS) announced that crypto companies that set up entities in Singapore but provide offshore services will be suspended by June 30, with no transition period, and front-end functions such as sales will be restricted. A MAS spokesperson said it was a continuation of the Financial Services and Markets Act 2022 and only affected a "very small" number of businesses. The industry pointed out that the new regulations exposed the ambiguity of the positioning of the headquarters of crypto companies, and legal experts said that companies that use Singapore teams to support offshore business but whose services are undefined may face individual case review.