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Singapore has taken a drastic step in its endeavor to tighten the crypto rules in the country. As per a recent report by Bloomberg, the Monetary Authority of Singapore (MAS) issued a final notice on May 30, mandating unlicensed digital asset exchanges with operations in Singapore and overseas clients to shut down by June 30.
As expected, this move has sent shockwaves across the industry, particularly among those who have been operating without a license. Notably, two prominent exchanges – Bitget and Bybit – are reportedly planning to exit the country and relocate their staff to more crypto-friendly destinations like Dubai and Hong Kong.
This sudden crackdown on unlicensed exchanges could potentially jeopardize hundreds of jobs in the sector. It is essential to note that while only a “minimal” number of companies will be directly affected by this regulation, its impact will undoubtedly be far-reaching.
Arthur Cheong of DeFiance Capital pointed out that most offshore firms have substantial teams based in Singapore. Hence, Bitget and Bybit’s decision to relocate their staff might not mark the end of crypto activity but rather a shift towards other jurisdictions with more lenient regulatory environments.
The MAS has been vocal about its expectations for years, yet many exchanges are caught off guard by this move. This new policy will undoubtedly put pressure on these firms to reorganize and possibly even halt their operations in Singapore.
Lana Yang, a crypto analyst, views the Singapore crackdown as a game of “whack-a-mole.” She emphasizes that while MAS’s regulatory pressure might seem intense, it could only lead to a shift in crypto activity rather than its complete disappearance.
Source: coinpedia.org
