Singapore’s MAS defends crypto clampdown as firms exit

Singapore’s Monetary Authority (MAS) has defended its new rules requiring digital token firms serving only overseas clients to be licensed by 30 June or cease operations. The MAS stated it will rarely grant such licences, citing anti-money laundering risks. Some crypto firms are now relocating to more lenient jurisdictions such as the UAE and Hong Kong. The regulator noted the policy has been clear since 2022 and is not expected to significantly affect Singapore’s local digital asset ecosystem.