Post by : Jyoti Gupta

Singapore is making new rules for cryptocurrency companies. Some big crypto exchanges, like Bitget and Bybit, do not have a license to work in Singapore. Because of this, Singapore’s money authority told these companies on May 30 that they must stop doing business with customers outside Singapore by June 30, 2025.

Bitget is thinking about moving some of its workers to other places, like Dubai and Hong Kong. Bybit is also looking at similar options. Both of these companies are among the top 10 in the world for crypto trading, but they are not allowed to operate in Singapore without a license.

The new rule only affects companies that are working with customers in other countries from Singapore. If a company has a license, it can keep working as usual. The money authority said they have been warning companies about this for a while.

These rules are part of a law made in 2022 to stop companies from offering crypto services without permission. The authority says only a few companies will be affected, but some people in the industry are still unsure about what will happen next.