Singapore Directs Crypto Firms to Halt Overseas Operations

Singapore's financial watchdogs are cracking down on cryptocurrency companies.

They're telling these companies, called DTSPs, to stop doing business outside of Singapore by the end of June.

This is to make sure these companies follow the rules and prevent illegal activities like money laundering.

The government is also limiting the number of licenses and requiring regular audits.

Licensed firms must pay an annual fee and use technology to prevent hacking.

While holding and trading crypto is allowed, no crypto is considered legal money in Singapore.