Supplementary statement from the Monetary Authority of Singapore: The threshold for issuing licenses has been raised and generally will not be issued

Odaily Planet Daily News: The Monetary Authority of Singapore issued regulations last month that after June 30th, digital token service providers that only serve overseas customers must obtain a license from the authority to continue operating in Singapore. Without a license, their trading platforms must be closed. On June 30th, the bureau issued a supplementary statement stating that it has raised the threshold for issuing licenses and generally does not issue such licenses. The risk of money laundering is higher in this type of business model, and if a large amount of regulated activities (for cryptocurrency service providers that only serve overseas customers) are conducted outside Singapore, the Monetary Authority of Singapore cannot effectively supervise these individuals, "the statement said