Singapore sets 2025 deadline for crypto firms offering overseas token services
Singapore’s central bank, the Monetary Authority of Singapore (MAS), has mandated that all locally incorporated digital token service providers (DTSPs) cease offering overseas services by June 30, 2025, unless they secure a license under the Financial Services and Markets Act (FSM Act) of 2022. This directive aims to address cross-border regulatory risks and prevent firms from exploiting Singapore’s jurisdiction to conduct unregulated activities abroad.
Under Section 137 of the FSM Act, any Singapore-based company, partnership, or individual providing digital token services outside the country is presumed to be operating from Singapore and must obtain a license. Non-compliance could result in penalties of up to 250,000 Singapore dollars (approximately $200,000) and imprisonment for up to three years.
MAS has clarified that no transitional arrangements will be provided for DTSPs currently offering overseas services. Only firms already licensed or exempted under existing financial laws — such as the Securities and Futures Act, Financial Advisers Act, or Payment Services Act — may continue operations without conflicting with the new rules.
Legal experts, including Hagen Rooke, a partner at Gibson, Dunn & Crutcher, have noted that licenses under the new framework will be granted only in exceptional cases due to heightened concerns over anti-money laundering (AML) and counter-terrorist financing (CFT). Rooke advises companies to consider restructuring operations to eliminate Singaporean touchpoints and mitigate regulatory risks.
This move by MAS reflects a broader effort to tighten regulatory oversight of the crypto industry, ensuring that firms adhere to stringent AML and CFT standards, even when their services target markets outside Singapore.
Source: Cointelegraph
Ethereum breaches $2,500: sign of market stability and bullish momentum
Ethereum (ETH) has recently surpassed the $2,500 mark, a significant psychological and technical milestone that suggests increasing market stability and growing investor confidence. This breakout is seen as a potential catalyst for broader bullish momentum in the cryptocurrency market.
Analysts highlight that Ethereum’s ability to maintain levels above $2,500 could pave the way for further gains, with key resistance levels identified at $2,600 and $2,800. A sustained move beyond these thresholds may signal the onset of a more extensive rally, potentially targeting the $3,000 level.
Technical indicators support this optimistic outlook. The formation of a Morning Star candlestick pattern on the monthly chart suggests a bullish reversal, indicating that Ethereum may be poised for an upward trajectory. Additionally, Ethereum is consolidating above its 34-day Exponential Moving Average (EMA) and other short-term moving averages, reinforcing the bullish sentiment.
Institutional interest further bolsters Ethereum’s prospects. Notably, large-scale investors, often referred to as “whales,” have been accumulating Ethereum on major exchanges like Binance. This accumulation is evidenced by a rise in the average order size, indicating strong conviction among significant market participants.
However, challenges remain. Ethereum faces substantial resistance around the $2,800 level, a zone where many investors previously entered the market and may seek to exit positions. This concentration of sell orders could impede upward momentum unless accompanied by significant buying volume.
Looking ahead, Ethereum’s performance is pivotal for the broader cryptocurrency market. A decisive move above $3,000 could not only affirm Ethereum’s bullish trend but also instigate a wider altcoin rally, often referred to as “altseason.” This scenario would likely attract increased capital inflows into the crypto space, further enhancing market dynamics.
In summary, Ethereum’s breach of the $2,500 barrier marks a significant development, reflecting heightened market stability and investor optimism. While technical indicators and institutional behaviors point toward continued growth, market participants should remain vigilant of potential resistance levels and broader market conditions.
Source: Cointrackdaily
Bonk launches kill-to-earn shooter game on Solana
Solana-based meme coin Bonk has ventured into the gaming arena with the launch of its first official video game, Bonk Arena. Developed by Bravo Ready, known for the Solana extraction shooter BR1: Infinite, Bonk Arena introduces a “kill-to-earn” model where players wager BONK tokens to participate and earn rewards for in-game eliminations.
Bonk Arena is a top-down arcade shooter accessible via web browsers and the Phantom wallet mobile app, with plans for release on the upcoming PSG1 handheld gaming device. Players pay 10,000 BONK (approximately $0.17) to spawn, and upon eliminating opponents, they inherit their staked tokens, minus a variable service fee ranging from 0% to 10%.
To incentivize early adoption, the Bonk team has allocated $10,000 in BONK tokens for additional rewards during the launch campaign. Players may receive bonus tokens for kills, and content creators can compete for a share of this pool by promoting the game on social media platforms.
Bravo Ready plans to enhance Bonk Arena with features like unlockable characters, level-based rewards, and loot crates.All player actions, including spawns and kills, are recorded on-chain, contributing to substantial on-chain BONK volume.
Revenue from the game is split evenly: 50% goes toward BONK token burns, rewards, and donations to the Bonk for Paws charity, while the remaining 50% is used to buy back the READY token, associated with the game’s licensing model.
Bonk originated as a dog-themed meme coin on the Solana blockchain, aiming to revitalize community spirit following the FTX collapse. Its integration into gaming, including previous collaborations like the Ev.io shooter game, reflects its strategy to provide utility beyond being a meme token.
The launch of Bonk Arena signifies a step forward in combining cryptocurrency with interactive gaming experiences, potentially setting a precedent for future developments in the Web3 gaming space.
Source: Decrypt