MAS

Singapore will trial tokenized MAS bills in 2026, using a central bank digital currency to speed up and simplify settlements with primary dealers. The pilot is part of MAS’s Project Guardian, aiming to test digital finance, tokenized assets, and stablecoin regulations while improving efficiency and reducing risks.

BasedApp will stop its Visa debit card services in Singapore on 15 November 2025 and users must withdraw funds by 30 November or have them converted to USDC. The company is shifting its focus to self-custodial wallets and international expansion, stepping back from regulated financial services in Singapore.

Tokenize Xchange will shut down its Singapore operations by 30 September 2025 after failing to get a licence from the Monetary Authority of Singapore. The company plans to move to Malaysia and the UAE, and all 15 local staff will lose their jobs.

Between 13 to 30 May, 49 people in Singapore were arrested for allegedly helping launder scam proceeds by sharing personal data and account credentials. Authorities warn such crimes carry heavy fines and jail time.

The Singapore High Court rejected WazirX’s restructuring bid over transparency concerns tied to its $234.9 million hack. In response, the India-focused exchange is relocating to Panama and rebranding as Zensui, raising questions amidst Singapore’s tightening crypto regulations.

Franklin Templeton has been approved to launch a tokenised US dollar money market fund in Singapore, highlighting the city-state’s leadership in regulated asset tokenisation and rising institutional interest in blockchain finance.

Following many world leading crypto firms like OKX and Gemini, US-based crypto trading firm Cumberland has received the blessing of the Monetary Authority of Singapore to operate in Singapore.

The SGX plans to launch Bitcoin perpetual futures in H2 2025, pending regulatory approval. Available only to institutional and professional investors, SGX aims to provide a regulated alternative to offshore crypto exchanges like Binance and OKX, offering a more secure trading option for large-scale investors.

Singapore has blocked Polymarket, labelling it an unlicensed gambling platform under its strict betting laws. The platform also faces regulatory scrutiny in the US and France, putting its global future in question.

Singapore’s MAS is pushing forward with an ambitious asset tokenization plan, creating frameworks and commercial networks to integrate blockchain into traditional finance. With a test network for digital Singapore dollar transactions and global partnerships, Singapore aims to lead the tokenization market by 2030.