Singapore's Monetary Authority (MAS) has implemented stringent regulations targeting the cryptocurrency sector, requiring all digital token service providers (DTSPs) operating or registered in Singapore to obtain a DTSP license by June 30, 2025. Failure to comply will result in a ban on providing services to foreign clients. This move affects many crypto firms and market makers who had previously relocated to Singapore, a hub for Web3 and crypto activities. Currently, only 33 companies hold the DTSP license under the Major Payment Institution (MPI) category, including notable entities such as Coinbase, Circle, Anchorage, DBS Vickers, FOMO Pay, OKX, HashKey, and Upbit. The MAS clarified that providers of utility and governance tokens are exempt from the licensing requirement. The policy shift signals a tightening of regulatory standards, effectively raising the entry barrier for crypto businesses and reducing regulatory arbitrage opportunities. This development marks a departure from Singapore's previous reputation as a welcoming environment for crypto enterprises.