Director Grace Chong quoted in Bloomberg on MAS’ 30-June exit deadline for unlicensed crypto firms

17 Jun 2025

The Monetary Authority of Singapore (MAS) has recently announced that unlicensed digital asset firms offering offshore digital payment token (DPT) services from Singapore must cease such activities by 30 June 2025. This directive has introduced a measure of regulatory uncertainty across the digital assets sector, particularly for firms with operations, personnel, or infrastructure located in Singapore.

In light of these developments, Director Grace Chong, Head of the Financial Services Regulatory Practice at Drew & Napier LLC, was invited by Bloomberg to provide her views. She was quoted in the article “Singapore Order Leads Unlicensed Crypto Exchanges to Weigh Exit”, which explores the responses of key digital asset firms following the MAS announcement.

In the article, Grace noted that although MAS has stated that “a very small number” of firms are expected to be affected, it remains unclear which entities fall within scope. She highlighted that firms with Singapore-based teams supporting offshore activities—particularly those lacking clear delineation of services—may fall within a regulatory grey area. Such cases may be subject to MAS’s review on a fact-specific basis.

Given the evolving regulatory landscape, Drew & Napier stands ready to assist affected entities—including centralized and decentralized exchanges, OTC trading desks, market makers, protocol developers, and asset managers—in navigating the implications of the Financial Services and Markets Act 2022 (FSMA) and MAS’s supervisory expectations.

To support the industry and promote regulatory clarity, Drew & Napier, in collaboration with the Digital Assets Association, will be hosting a dedicated session on 20 June focussing on FSMA and its application to digital asset activities.

Register your interest here.

The full Bloomberg article may be accessed here, and a reprint published by the Business Times is available here.

For further advice or support, please contact our Financial Services Regulatory team (grace.chong@drewnapier.com). We remain available to provide strategic legal guidance tailored to your organisation’s operational structure and licensing obligations.