In a July 1 update, the Monetary Authority of Singapore (MAS) revealed regulations introduced last month stipulating that digital token service providers serving only overseas clients must obtain a license from MAS to continue operations in Singapore from June 30 onward. Those without licenses are required to shut down their trading platforms. On June 30, MAS issued a supplementary statement noting that it 'has raised the licensing threshold, and such licenses will not be granted under normal circumstances.'