CoinDesk
13 June 2025
3 0

Singapore’s MAS Requires Licensing for Offshore Crypto Firms by June 30

Market Overview

All major cryptocurrencies are experiencing declines due to geopolitical tensions following Israel's airstrikes on Iranian nuclear facilities.

  • BTC is down 4.7%, trading at $103.3K.
  • ETH faced pressure, falling to $2,694 despite strong institutional demand with U.S. spot ETFs showing consistent inflows.

Over the last three months, ETH has increased by nearly 40%, outperforming BTC. Analysts suggest this may indicate a broader investor interest in altcoins.

  • ETH dominance rose from 7% to nearly 10%, while BTC dominance decreased by 2-3 percentage points.
  • Traders are shifting focus toward DeFi and decentralized AI sectors, supported by strong inflows into projects like Pendle and Bittensor.

Institutional interest in ETH remains robust, with over $1.25 billion attracted since mid-May.

Singapore Regulatory Updates

The Monetary Authority of Singapore (MAS) mandates that all digital token service providers serving foreign clients must be licensed by June 30. This follows ongoing efforts to enhance oversight after previous failures involving local firms.

  • Exchanges like Bitget and Bybit are ceasing operations in Singapore.
  • This regulatory change aims to prevent companies from exploiting Singapore's reputation without adhering to its regulations.

Quantum-Safe Wallet Launch

Quranium has introduced QSafe Wallet, designed to resist potential quantum computing threats through post-quantum encryption methods.

  • QSafe uses algorithms recognized by the U.S. National Institute of Standards and Technology for their resilience.
  • The wallet supports multiple blockchains including Bitcoin and Solana, ensuring future-proof asset storage.

Additional Market Movements

  • Gold surged over 3% to $3,426.95 amid rising Middle East tensions.
  • The Nikkei 225 fell by 1.28% following geopolitical events.
  • The S&P 500 rose by 0.38%, driven by Oracle's strong earnings report.

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