The Monetary Authority of Singapore has mandated that offshore crypto firms cease unlicensed activities by June 30, leading to significant relocations and potential job losses. Exchanges such as Bitget and Bybit are moving operations to more favorable jurisdictions.
The MAS crackdown has caused panic among crypto firms with large local offices, with many scrambling to understand their compliance needs. The decision reflects a broader shift in Singapore’s regulatory approach in response to past market instabilities.
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