Hong Kong and Dubai are expected to be the main beneficiaries of a crackdown in Singapore on crypto exchanges, with unlicensed players being forced to close or move their operations by the end of the month.
The Monetary Authority of Singapore caught the crypto industry off guard in May, when it announced exchanges serving only overseas customers would have to close by June 30, unless they received a licence that is hard to attain.
Market observers saw the short timeframe for registering as the financial regulator’s way of flushing out unwanted players in an industry that has already caused embarrassment to the city state.
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