Singapore’s financial regulator has issued a final ultimatum to cryptocurrency exchanges operating without a license, demanding that they cease all operations by June 30, 2025. The Monetary Authority of Singapore (MAS) first delivered the notice at the end of May and issued a follow-up clarification on June 6 to reinforce its stance.
“This move should also not come as a surprise to the industry as we have consistently communicated our position on such service providers on various occasions,” a MAS spokesperson told Bloomberg. While officials claim only a “very small” number of crypto firms will be affected, industry insiders say the impact could be far more disruptive.
Major exchanges like Bitget and Bybit, both of which maintain a significant presence in Singapore despite being headquartered offshore, are already preparing for drastic changes. Bitget reportedly plans to relocate staff to branches in Dubai or Hong Kong, while Bybit is exploring similar strategies. Neither firm has commented publicly, but sources close to the matter indicate that hundreds of jobs could be at risk.
ChainArgos, a blockchain analytics firm based in Singapore, described the MAS directive as “almost as good as an evacuation procedure.” General Counsel Patrick Tan noted the severity of the impact on offshore-oriented crypto firms. MAS has further stated that license applications filed before the deadline will only be considered under ‘extremely limited’ circumstances, and that no grace period will be granted.
The crackdown contrasts with Singapore’s reputation as one of Asia’s more progressive crypto hubs, home to major players like Coinbase and Crypto.com. However, the domestic mood toward digital assets appears to be shifting. A 2024 survey indicated that nearly 50% of investors had liquidated some or all of their crypto holdings, with 67% reporting profits, suggesting a potential exit wave following the 2021–2022 boom.
As regulatory headwinds increase, many crypto firms may be forced to restructure their global operations, leaving Singapore’s position as a regional crypto leader in question. For more updates on crypto regulations and market developments in Asia, visit TheCoinInfo.
