Break Singapore’s new crypto rules and you could face $200K fine or jail

Singapore’s new crypto regulations, effective June 30, 2025, require all Digital Token Service Providers (DTSPs) operating in or from Singapore to obtain a license from the Monetary Authority of Singapore (MAS). Failure to comply with these licensing requirements can lead to severe penalties, including fines up to SGD 250,000 (approximately USD 194,000) and imprisonment for up to three years.

These rules apply broadly to crypto firms such as exchanges, wallet providers etc and include stringent anti-money laundering (AML) and counter-terrorism financing (CFT) compliance measures. The regulations also mandate that crypto firms cease providing services overseas unless licensed, with very limited exceptions. Noncompliance with this overseas service ban can result in fines of SGD 200,000 and potential jail time.

The MAS’s regulatory framework aims to enhance consumer protection, prevent illicit activities, and maintain Singapore’s reputation as a trusted financial hub, but it also imposes significant operational challenges for crypto businesses, especially smaller firms. The licensing process involves detailed applications, financial stability demonstrations, and ongoing audits, with no grace period beyond the June 30 deadline.

So, breaking Singapore’s new crypto rules can lead to fines up to SGD 250,000 or imprisonment, underscoring the country’s strict stance on crypto regulation and enforcement.

It's me, @justmythoughts, an ordinary Hive user looking to make the most of the platform. I will appreciate your support. Follow me for more. Thanks, Gracias :)