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.

Odaily News The Monetary Authority of Singapore (MAS) pointed out in a document on May 30 that even if a crypto project issues tokens through offshore entities such as Cayman and Switzerland, as long as its core team members conduct business in Singapore (including residing in Singapore with citizenship or work visas), they still need to obtain a Digital Token Service Provider (DTSP) license under the Financial Services and Markets Act.
MAS said that such operating models may also pose money laundering or reputation risks to Singapore, and therefore the same compliance and regulatory requirements will apply. The relevant regulations will take effect on June 30, 2025, and MAS will not provide a transition period. Entities that provide DT services without a license will be committing an illegal act.