The Monetary Authority of Singapore added a statement: The threshold for issuing licenses has been raised and generally no licenses will be issued

Odaily News The Monetary Authority of Singapore issued a regulation last month that after June 30, digital token service providers that only serve overseas customers must obtain a license from the authority to continue operating in Singapore. If they do not have a license, they must close their trading platforms. On June 30, the authority issued a supplementary statement, saying that it "has raised the threshold for issuing licenses and generally will not issue such licenses." The authority said in the statement: "The risk of money laundering in this type of business model is higher. If a large number of regulated activities (cryptocurrency service providers that only serve overseas customers) are carried out outside Singapore, the Monetary Authority of Singapore cannot effectively supervise these people." (Xinhuanet)