Today in crypto, the Monetary Authority of Singapore (MAS) has effectively banned most crypto firms from serving only foreign clients by requiring a license, which it says it will “generally not issue,” Kraken has warned crypto conferencegoers are putting themselves at risk by being careless, and World Liberty Financial issued a cease-and-desist letter over a Trump-branded wallet.
Singapore confirms near-ban on foreign-only digital token services
- MAS tightens regulations, requiring licenses for crypto firms serving overseas clients.
- Licenses will be granted in “extremely limited circumstances.”
- The move raises concerns about supervising offshore firms and preventing money laundering.
- WazirX is already relocating to Panama in response.
The Monetary Authority of Singapore 
on its Digital Token Service Providers (DTSPs) regime, following widespread panic in the industry over a potential ban on crypto firms serving overseas clients
In a June 6 announcement, MAS reiterated that starting June 30, crypto firms “providing services solely to customers outside of Singapore relating to digital payment tokens and tokens of capital market products will need to be licensed.”
However, the regulator warned that such licenses will be granted only in “extremely limited circumstances.”
“MAS has set the bar high for licensing and will generally not issue a licence,“ the agency said, citing the difficulty of supervising offshore firms and money laundering risks as key concerns.
“MAS is unable to effectively supervise such persons,” the regulator added. Consequently, businesses unable to obtain licenses will “have to cease their regulated activities.”
The crypto market took notice when the MAS set a deadline of June 30 for local crypto service providers to stop offering digital token services to overseas markets earlier this month.
The new rules have already triggered a shift. India-serving but Singapore-based crypto exchange WazirX announced that it will be moving its operations to Panama, shortly after the MAS announced the deadline.
Why It Matters: Singapore’s Regulatory Shift
Singapore’s move signals a growing trend of stricter regulatory oversight in the crypto space. While aimed at protecting investors and preventing illicit activities, it can stifle innovation and drive businesses to less regulated jurisdictions. The impact on the broader crypto market could be reduced liquidity and increased operational costs for affected firms.
Market Impact
| Region | Regulatory Stance | Potential Impact |
|---|---|---|
| Singapore | Restrictive | Reduced crypto activity, business relocation |
| USA | Uncertain | Market volatility, regulatory arbitrage |
| EU | Comprehensive (MiCA) | Increased compliance costs, market consolidation |
Expert Take
The MAS decision is a calculated risk. While Singapore aims to maintain its reputation as a financial hub, the stringent regulations could push innovation elsewhere. I predict we’ll see other nations adjusting their crypto policies in response, creating a fragmented global regulatory landscape.
Crypto eventgoers failing at “basic situational awareness” — Kraken
- Kraken warns crypto conference attendees about security risks.
- Laptops and phones are left unlocked and unguarded.
- Attendees openly discuss crypto gains, exposing personal information.
- Scammers easily infiltrate events.
Crypto conferencegoers 
and security measures, opening themselves up to exploitation by bad actors hiding in the crowd at events, Kraken’s security chief Nick Percoco said on June 5.
Percoco’s team noted that laptops and phones owned by staff at popular crypto protocols have been left unlocked and unguarded on tables at events, and some attendees have openly discussed their crypto gains while exposing their personal information.
Percoco said that basic security measures are important for crypto conferencegoers as scammers also attend these events, and it’s easy for them to build a cover story, register under fake personas and appear like they belong.
“Crypto, at its core, is about being your own bank. And it is incredibly difficult to achieve the promise of financial freedom if your personal security and operational security aren’t prioritized above all else,” he added.
The Kraken security boss recommended that crypto conferencegoers be wary of public charging points and WiFi and to “be discreet to protect yourself and those around you” when discussing crypto-related topics in public.
Why It Matters: Security at Crypto Events
Kraken’s warning highlights the persistent threat of scams and hacks within the crypto community. As crypto adoption grows, so does the incentive for malicious actors to target events where potential victims congregate. This underscores the importance of cybersecurity best practices and personal vigilance.
Actionable Insight
For traders and investors attending crypto conferences, prioritize security. Use strong passwords, enable two-factor authentication, and be cautious about sharing personal information or connecting to public Wi-Fi. Consider using a VPN for added security.
WLFI sends cease-and-desist letter over “unauthorized” Trump wallet — Report
- WLFI issues a cease-and-desist letter over an unauthorized Trump-branded wallet.
- The wallet was created by Fight Fight Fight LLC.
- Donald Trump Jr. claims the Trump Organization has no involvement.
- The situation raises questions about Trump’s crypto ventures.
World Liberty Financial (WLFI), the cryptocurrency platform backed by US President Donald Trump and members of his family, has reportedly issued a cease-and-desist letter to the company responsible for creating a Bitcoin wallet tied to the president’s brand.
According to a June 5 Bloomberg report, WLFI sent the letter to Fight Fight Fight LLC, the company that owns Gettrumpmemes.com and is behind issuing the TRUMP memecoin. The cease-and-desist notice was reportedly issued after the non-fungible token marketplace Magic Eden and the team behind the memecoin revealed a waitlist for a crypto wallet featuring Trump’s name.
Donald Trump Jr., the president’s eldest son and a “Web3 ambassador” for WLFI, said on June 3 that the Trump Organization had “zero involvement” with the crypto wallet project, announcing that the group was planning its own launch in the near future. The report cited a person familiar with the matter who asked for anonymity because the letter had not been made publicly available at the time of publication.
Many US lawmakers and industry leaders have questioned the president’s crypto ventures, including his involvement in World Liberty Financial and its stablecoin, USD1, and issuing a personal memecoin that resulted in a dinner invitation to Trump’s golf club for the top 220 holders.
Both June 3 posts on X from Magic Eden and Gettrumpmemes announcing the wallet were still visible at the time of publication. However, the website TrumpWallet.com, previously available for sign-ups for a waitlist, appeared to be offline following the report of the cease-and-desist letter.
Why It Matters: Brand Protection and Crypto
This incident underscores the importance of brand protection in the crypto space. The unauthorized use of Trump’s name and likeness highlights the need for clear intellectual property guidelines and robust enforcement mechanisms within the industry. It also reflects the increasing intersection of politics and cryptocurrency, which can bring both opportunities and challenges.
Conclusion
From Singapore’s regulatory tightening to security vulnerabilities at crypto events and brand protection battles, the crypto landscape remains dynamic and complex. Staying informed and vigilant is crucial for navigating this evolving environment. Expect continued regulatory scrutiny and a growing emphasis on security as the industry matures.