Reported about 1 month ago
The Singapore Monetary Authority (MAS) has initiated stricter regulations for offshore crypto firms, stating that digital token service providers serving foreign clients must obtain licenses. This decision comes in light of previous challenges posed by bankrupt firms, Three Arrows Capital and Terraform Labs, which operated under Singapore's jurisdiction without significant local presence. The recent market volatility, fueled by geopolitical tensions following Israeli airstrikes on Iran, has seen major cryptocurrencies decline, yet Ethereum remains robust, suggesting shifting investor sentiment towards altcoins.
Source: YAHOO