Singapore monetary control (MAS) announced that until June 30, all local companies offering cryptocurrency services to foreign customers should receive a license of this department-either immediately stop all cross-border operations.

Since June 30, the new MAS rules on the mandatory licensing of professional activities of providers of digital tokens are entered into force in Singapore. The rules apply to trade and exchange operations, storage of digital assets, stakeing, as well as the promotion of any services related to tokens.

MAS said that the new rules do not provide for exceptions, and if violations of the company and their managers are identified, they may be brought to administrative and criminal liability. Violators of the regulator are facing a fine of up to $ 200,000 or imprisonment up to seven years, It is said In the new circular Mas.

MAS has expanded the determination of suppliers of digital tokens services. Now, not only centralized crypto-rhins, Defi platforms, crypto-shoes and token issuers, but also “non-critifiers” that promote or offer tokens to clients outside Singapore, fall under this definition.

Previously, Singapore monetary control for the sake of strengthening control over operations with digital assets in the domestic market tightened the requirements for checking the sources of crypto-investors revenue.