The Monetary Authority of Singapore (MAS) said in its most recent public notice that firms offering services to overseas clients must register by June 30 or wind down their services. It is worth noting that the firm failing to register within the given duration will be considered operating illegally, breaching laws and rules, and will face severe penalties.
In the given four-week period, the firms argued to get registered for a license to offer cross-border services, yet some of the firms criticized the move of MAS, calling the timeline too short.
On the other hand, experts praised the move of Singapore, calling it an effort to regulate the payment services with set rules and regulations.
MAS made it transparent that the entities that haven’t received written approval must fully cease operation, even if they are offering services through any intermediaries.
The agency quotes, “ DTSPs which are subject to a licensing requirement under section 137 of the FSM Act must suspend or cease carrying on a business of providing DT services outside Singapore by 30 June 2025.”
Singapore crypto market recent updates
The Independent Reserve Cryptocurrency Index noted in the most recent report that the crypto users in Singapore have reached 29% in 2025 from 40% in 2024. A report by Gemini State of Crypto notes that Singapore is a leader in adoption globally, with 28% of its population owning crypto, from 26% in 2024.
StraitsX launched its Singapore dollar-pegged stablecoin, XSDG, on the XRP Ledger in May 2025 to meet demand for regulated multi-chain digital assets for cross-border payments.
According to the Payment Services Act (2019), the MAS oversees crypto regulation and mandates that companies offering Digital Payment Token (DPT) services get licenses. This ensures compliance with AML and CTF regulations while fostering confidence and luring companies.
The lack of capital gains tax in Singapore attracts crypto investors because long-term investment gains are often tax-free. The tax structure 0–22% for individuals, 17% for firms, is competitive even if trading income is taxable. While Singapore is still tax-friendly, possible adjustments in 2024 might include a limited capital gains tax.
Crypto market price updates
When writing, the crypto market cap was $3.26 trillion with a slight surge of 0.33%, and the trading volume was $93.45 billion; at the same time crypto fear and greed index was at 5,7, now indicating neutrality.
Bitcoin has been exchanging hands at $104,369 with a weekly loss of 4.21%, and Ethereum is currently at $2,484 with an intraday loss of roughly 0.59%.
According to the data from CoinMarketCap, the intraday gainers list has been ruled by Snowy Owl, which is up by 4,700%, followed by Snow Leopard, Black Phoenix, Harris Dog, and Trump AI.
The losers are Raydium, Quant, Bittensor, OKB, and Lido DAO, including a few major others.
