Singapore Cracks Down on Crypto as Bitget, Bybit Exit
The post Singapore Cracks Down on Crypto as Bitget, Bybit Exit appeared on BitcoinEthereumNews.com. Bitget and Bybit plan to relocate to Dubai or Hong Kong. Regulations aim to curb money laundering in cross-border crypto operations. The Monetary Authority of Singapore (MAS) has mandated that all digital token service providers (DTSPs) should be licensed by June 30, 2025, or shut down. The action targets unlicensed crypto firms that have been providing their services to customers outside the country, which has caused the major exchanges, including Bitget and Bybit, to declare their exit from the city-state. The transaction will reduce risks such as money laundering in cross-border crypto transactions. The MAS has put in place that firms have to meet a minimum capital requirement of SGD 250,000 and also require firms to pay a yearly license fee of SGD 10,000. Compliance failure is punishable by a fine of up to SGD 250,000 and/or a jail term. The regulator pointed out that no transitional period will be given, given the time that consultations on the subject were launched in 2022, firms had quite enough time to prepare. Impact on Crypto Exchanges Among the key crypto exchanges that were hit are Bitget and Bybit. A report by Bloomberg indicated that the exchanges are looking at relocating staff to places like Dubai and Hong Kong, where regulation may be friendlier. The shift follows Singapore taking a stricter approach with the Financial Services and Markets Act (FSM Act) of 2022, which requires all DTSPs to get licenses to conduct business on a cross-border basis. The MAS added that it will award the licenses with caution, and it will also concentrate on awarding them to companies that have high standards on anti-money laundering as well as financial stability. As of June 2025, there are 33 companies that have a license to be DTSPs, and Coinbase is one of them. Compliance or…
The post Singapore Cracks Down on Crypto as Bitget, Bybit Exit appeared on BitcoinEthereumNews.com.
Bitget and Bybit plan to relocate to Dubai or Hong Kong. Regulations aim to curb money laundering in cross-border crypto operations. The Monetary Authority of Singapore (MAS) has mandated that all digital token service providers (DTSPs) should be licensed by June 30, 2025, or shut down. The action targets unlicensed crypto firms that have been providing their services to customers outside the country, which has caused the major exchanges, including Bitget and Bybit, to declare their exit from the city-state. The transaction will reduce risks such as money laundering in cross-border crypto transactions. The MAS has put in place that firms have to meet a minimum capital requirement of SGD 250,000 and also require firms to pay a yearly license fee of SGD 10,000. Compliance failure is punishable by a fine of up to SGD 250,000 and/or a jail term. The regulator pointed out that no transitional period will be given, given the time that consultations on the subject were launched in 2022, firms had quite enough time to prepare. Impact on Crypto Exchanges Among the key crypto exchanges that were hit are Bitget and Bybit. A report by Bloomberg indicated that the exchanges are looking at relocating staff to places like Dubai and Hong Kong, where regulation may be friendlier. The shift follows Singapore taking a stricter approach with the Financial Services and Markets Act (FSM Act) of 2022, which requires all DTSPs to get licenses to conduct business on a cross-border basis. The MAS added that it will award the licenses with caution, and it will also concentrate on awarding them to companies that have high standards on anti-money laundering as well as financial stability. As of June 2025, there are 33 companies that have a license to be DTSPs, and Coinbase is one of them. Compliance or…
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