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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.
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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.
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Crypto CEOs Join U.S. CFTC's Innovation Council to Steer Market Developments
The chief executives of firms such as Gemini and Kraken will pitch in on U.S. policy efforts through the council's future, public discussions.
What to know:
- In her final days atop the agency, Commodity Futures Trading Commission Acting Chairman Caroline Pham announced her CEO Innovation Council, replete with crypto executives.
- The names include the chief executives from Gemini, Kraken, Polymarket, Bitnomial and several others.
- The CFTC is expected to get its permanent chairman very soon when the Senate votes on the confirmation of Mike Selig, President Donald Trump's nominee.
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