Crypto Crackdown in Singapore: No More Free Rides! 🚨

by

Crypto Crackdown in Singapore: No More Free Rides! 🚨

In the cold, relentless heart of Singapore, the Monetary Authority emerges like a stern old general, hammer in hand, ready to crush any semblance of rebellion. The deadline is set—June 30—mark it, or be ousted into the shadows of forgotten digital dust. Those who think they can dodge the grasp of regulation, thinking the sea will hide their clandestine schemes, better think again. Here, no mercy, no mercy at all! 🌊

“Singapore has recently issued strict policies to remove most unlicensed blockchain institutions. According to statistics, the MAS has issued 33 Major Payment Institution licenses, including Coinbase, Circle, Anchorage, DBS Vickers, FOMO Pay, OKX, HashKey, Upbit, etc.” — Wu Blockchain (@WuBlockchain) June 6, 2025

No More Loopholes for Offshore Operations—They Will Be Stitched Shut

The MAS, in its infinite wisdom and stubbornness, declared that even the shadowy outposts of offshore crypto dealings cannot escape. The ironclad Section 137 of the FSM Act is the new decree—no more sneaking around behind curtains of technology-neutral nonsense. Even firms that pretend not to serve local clients are not safe. The regulator’s eyes are everywhere—like a hawk with a binocular, or a nosy neighbor peeking over the fence. 🧐

After a long, tiresome consultation in October 2024—where most warped minds nodded in agreement—the regulator dismissed pleas for exemptions from powerful traders and offshore gatekeepers. It’s all for the noble cause of fighting money laundering and terrorism financing. Because nothing screams freedom like strict rules and failure to dodge them. 😅

Rules as Strict as the Singapore Flyer’s Capsule

Firms must now juggle flaming hoops: a minimum SGD 250,000 in capital, re-educate customers as if they were unruly children, obey the all-powerful FATF Travel Rule, and install technology standards tougher than a Singapore billiard hall. Freelancers and consultants lurking abroad? Think again! They’re caught in the web, whether they like it or not. 🕸️

33 firms—big names you’ve heard, like Coinbase and OKX—have received the blessed licenses. Cumberland SG is waiting patiently, wishing on a star for full approval. Patience is a virtue, or so they say, when the regulators are in a foul mood. 😈

The World Watches and Smiles with a Grimace

What happens in Singapore doesn’t stay in Singapore anymore. Today, Australia’s AUSTRAC is fining Melbourne’s Cointree over a measly $75,000 for playing hide-and-seek with suspicious activity reports. These delays, they say, hamper law enforcement’s heroic efforts. 🎭

Across the globe, regulators tighten their grip. Singapore’s message is loud and clear—only those licensed and certified will breathe in the digital money jungle. Rest in your lairs, unlicensed shadows, or face the wrath of the iron fist. 💥

Read More

2025-06-06 11:44