Major Events
On May 30, the Monetary Authority of Singapore (MAS) announced that cryptocurrency companies providing offshore services but having a physical presence in Singapore must cease operations by June 30, with no transition period, and that front office functions such as sales are also bound. A MAS spokesperson stated that this is a continuation of the 2022 Financial Services and Markets Act and only affects a 'very small number' of companies. Industry insiders pointed out that the new regulations expose the ambiguous issue of the headquarters location of cryptocurrency companies, and legal experts indicated that companies utilizing Singapore teams to support offshore operations but with unclear service definitions may face case-by-case reviews.
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