Singapore Issues on June 30, the deadline for encryption companies that serve international customers without DTSP license
The Monetary Authority in Singapore (MAS) has issued the instructions of all local encryption companies without a DTSP license to stop serving customer abroad by June 30, 2025. The organizational authority also stated that no transitional period will be allowed, and will not comply with the sanctions.
diamond Declare On May 30, the notification of the start of the FSM law and all the issuances of the instructions will be published at least four weeks before the date of the start of the DTSP provisions.
The organizer also described the situations in which the DTSP license (District Code Service) will be authorized at the FSM regulations.
MAS suggests organizational instructions for premium code service providers
On October 4, 2024, MAS suggested the regulatory guidelines of digital symbolic service providers issued under the Financial Services and Markets Law 2022. According to the proposal, the regulatory authority argued that DTSPS may be more susceptible to risk spending money or terrorist financing because of the online existing nature and cross honors services.
diamond Published On April 2, 2024, the requirements of the distinguished code for digital payment to combat money laundering (AML) and confront terrorist financing.
According to MAS, the organizer will take into account whether the company can prove that it has valid reasons for not providing DT services in Singapore despite working in Singapore. The agency will also consider the applicant request that does not work in a disturbing manner for MAS.
The applicant had to be already organized and supervised his compliance with the internationally agreed standards established by the Financial Stability Council, the International commissions organization of securities, and FATF by all relevant provisions in the countries they provide DT services outside Singapore.
According to MAS, many applicants raised fears that the start -up period of the proposed four weeks is not sufficient for applicants to prepare a license for a review. The respondents suggested that the organizer consider a transitional period, a temporary exemption to allow applicants to continue to provide DT services while reviewing their licensing applications.
Other respondents also suggested that MAS adopt a gradient fee for licensing fees and annual DTSP licensing fees, depending on the applicant size and commercial operations scope.
MAS said that the proposed DTSP license will be organized similar to the licensing application fees and annual licensing fees applied to companies that provide symbolic services for digital payment.
According to the regulator, another respondent sought to obtain an explanation about whether the annual license fee due by the licensees will differ based on the number of DT services provided.
Mas said the fees will remain fixed regardless of the size and scope of the DTSP commercial operations. The organizer also announced that all licenses are subject to annual license fees of $ 10,000, regardless of the number of DT services it provides.
MAS also suggested the minimum initial and continuous financial requirements of licenses to show their commitment to maintain a meaningful presence in Singapore. The organizer revealed that it will maintain the minimum initial and continuous financial requirements of $ 250,000 in basic capital, the total capital contribution, and cash deposits.
Singapore regulator issues efficiency requirements for her expectations
In response to the consultation that started in October 2024 and was issued on May 30 – https://t.co/qih2qkajz
– Priya Karnik (Priyak.teh) (@karnik_priya) June 2, 2025
Singapore’s organizer has also made instructions on the competencies of executives, managers, partners and managers licensed for DTSPS. Efficiency requirements include sufficient experience in operating DTSP business as well as a sufficient understanding of the DTSPS organizational framework in Singapore.
DTSPS licensing instructions will also include MAS forecasts for companies in managing the main risk associated with their business activities, which will be considered by MAS when processing licensing applications.
MAS licensed requires independent audits of the DT services provided and submit an audit report to the organizer annually. The organizer said it will take into account the results of the audit report and the auditor may be required to carry out additional duties, such as expanding the scope of the audit.
According to MAS, the company needs a license condition if it is present in Singapore and continues to provide DT services for individuals outside the country. The organizer also indicated that a built -in foreign company employee provides DT services outside Singapore as part of employment will not attract licensing requirements.
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