The Monetary Authority of Singapore (MAS) has mandated that all domestic crypto service providers without a Digital Token Service Provider license must cease operations in overseas markets by June 30, 2024. This move is part of a broader regulatory effort to safeguard retail crypto users.
Despite stringent regulations, cryptocurrency usage is on the rise among Singaporeans, especially younger individuals. A recent report indicates that 26% of Singaporeans owned digital assets in 2024, driven by a growing interest in digital payments among Gen Z and millennials.
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