Crypto Firms Without Licenses No Longer Welcome in Singapore

The Monetary Authority of Singapore (MAS) has reiterated its position on unlicensed crypto firms, emphasizing that their exclusion from the market is not a sudden policy shift. MAS stated that the licensing requirements have been clearly communicated since 2022, when the public consultation on the Financial Services and Markets Act (FSMA) was launched.

According to the FSMA, any company providing digital token services to clients outside of Singapore must hold a license issued by MAS. The authority issued further clarifications on October 4, 2024, and May 30, 2025, and is now informing unlicensed operators that their activity is no longer permitted.

Industry representatives, such as Patrick Tan from ChainArgos, noted that Singapore should primarily be viewed as a global financial hub, not just a destination for crypto firms.

MAS is part of a global trend of tightening regulations in the digital asset sector. In this context, companies affected by Singapore’s measures have no guarantee of easier access to other jurisdictions, such as Hong Kong.