Monetary Authority of Singapore: Core members residing in Singapore are required to obtain a DTSP license for issuing coins, even if the issuing entity is located overseas

Odaily Planet Daily News: The Monetary Authority of Singapore (MAS) stated in a document on May 30th that even if cryptocurrency projects issue tokens through offshore entities such as the Cayman Islands and Switzerland, as long as their core team members conduct business in Singapore (including holding citizenship or work permits residing in Singapore), they still need to obtain a Digital Token Service Provider (DTSP) license under the Financial Services and Markets Act. MAS stated that such operational models may also pose money laundering or reputational risks to Singapore, and therefore will be subject to the same compliance regulatory requirements. The relevant regulations will come into effect on June 30, 2025. MAS will not provide a transition period, and entities providing DT services without permission will constitute illegal behavior.