What happened?
Two major crypto exchanges, Bitget and Bybit, are planning to scale back their operations in Singapore after a final warning from the Monetary Authority of Singapore (MAS). The MAS has issued a directive requiring all unlicensed digital token service providers to cease their overseas operations by June 30. This move affects exchanges that have been operating without a full license in Singapore, including those waiting for approval.
Who does this affect?
The affected parties include crypto exchanges like Bitget and Bybit that have been serving international clients from Singapore. It also impacts their employees and associated partners who may face relocation or job uncertainty. Furthermore, the new regulations could influence retail investors and other stakeholders within Singapore’s crypto ecosystem.
Why does this matter?
This development matters because it could significantly alter the competitive landscape of the crypto market in the region. As firms relocate to more crypto-friendly jurisdictions like Dubai and Hong Kong, Singapore risks losing its status as a major hub for digital assets. The regulatory shift could lead to job losses and a diminished role for Singapore in the global crypto economy, affecting market dynamics in Asia and beyond.