Monetary Authority of Singapore: Projects with core members residing in Singapore must obtain a DTSP license to issue tokens, even if the issuer is established overseas.

According to the Odaily report, the Monetary Authority of Singapore (MAS) stated in a document on May 30 that even if crypto projects issue tokens through offshore entities such as the Cayman Islands or Switzerland, they will still need to obtain a Digital Token Service Provider (DTSP) license under the Financial Services and Markets Act if their core team members conduct business within Singapore (including holding citizenship or residing with a work visa). MAS noted that such operational models may also pose money laundering or reputational risks to Singapore, and therefore will be subject to the same compliance and regulatory requirements. The relevant regulations will take effect on June 30, 2025, and MAS will not provide a transition period. Entities providing Digital Token services without authorization will constitute a violation of the law.