news 
Singapore Tightens Crypto Rules: Bitget, Bybit Plan Exit Amid Crackdown
In a move that has sent shockwaves throughout the cryptocurrency industry, Singapore has tightened its grip on crypto firms operating without a license. The Monetary Authority of Singapore (MAS) has issued a final notice requiring unlicensed digital asset exchanges with operations in Singapore and overseas clients to shut down by June 30.
As a result, two prominent players in the space, Bitget and Bybit, are planning an exit from the country and relocate their staff to more crypto-friendly hubs like Dubai and Hong Kong. This sudden development has left many in the industry reeling as the impact is expected to be severe.
While the MAS’s regulatory expectations have been clear for years, the pressure is now being felt acutely by firms that have run front-office functions such as sales or client services from Singapore while serving foreign users. It is estimated that hundreds of jobs are at risk due to this crackdown.
Arthur Cheong of DeFiance Capital has pointed out that many of these offshore firms have sizeable teams based in Singapore, and it appears that Bitget and Bybit have no choice but to reorganize their staff as a result of the new rules.
The situation is now being characterized by crypto analyst Lana Yang as a game of regulatory “whack-a-mole,” suggesting that such moves only serve to shift the problem elsewhere.
Source: coinpedia.org
