Share this article
New Singapore Crypto Law Requires Overseas-Only Operators to Be Licensed: Report
The city-state's Tuesday passage of the law means such companies will have to meet anti-money laundering and anti-terrorism measures, for which they were not previously regulated.
By Amitoj Singh
Updated May 11, 2023, 3:54 p.m. Published Apr 5, 2022, 7:12 a.m.
The Singapore Parliament passed a law on Tuesday that will require crypto businesses based in the city-state but only doing business overseas to be licensed, according to Bloomberg.
- At the moment, Singapore's crypto entities are not regulated for anti-money laundering and countering the financing of terrorism and thus the move is aimed at tightening rules for cryptocurrency providers.
- Singapore is walking a tightrope of both welcoming Web 3 companies while issuing guidelines to limit crypto ads in public spaces and media.
- The new rule is part of the Financial Services and Markets Bill. This bill includes the imposition of a higher maximum penalty of S$1 million (US$737,050) on financial institutions if they experience cyberattacks or their services are disrupted.
- The bill gives greater powers to the Monetary Authority of Singapore to prohibit individuals who are deemed unfit from performing key roles, activities and functions in the financial industry. These will now include individuals providing payment services and conducting risk management.
STORY CONTINUES BELOW
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
CFTC Launches Digital Assets Pilot Allowing Bitcoin, Ether and USDC as Collateral
Acting Chair Caroline Pham has unveiled a first-of-its-kind U.S. program to permit tokenized collateral in derivatives markets, citing "clear guardrails" for firms.
What to know:
- The CFTC has launched a pilot program allowing BTC, ETH and USDC to be used as collateral in U.S. derivatives markets.
- The program is aimed at approved futures commission merchants and includes strict custody, reporting and oversight requirements.
- The agency also issued updated guidance for tokenized assets and withdrew outdated restrictions following the GENIUS Act.
Top Stories
