Online reports, Bloomberg reported that according to people familiar with the matter, Singapore regulators issued a final warning, urging major cryptocurrency trading platforms operating in the country but without local licenses to withdraw quickly. On May 30, the Monetary Authority of Singapore (MAS) announced that it would require encryption companies that have established entities in Singapore but provide offshore services to stop operations before June 30 without a transition period, and front-office functions such as sales will be restricted. A MAS spokesperson said this was a continuation of the Financial Services and Markets Act of 2022 and only affected a "very small number" of companies. The industry points out that the new regulations expose the problem of unclear positioning of encryption companies 'headquarters. Legal experts say that companies using Singapore teams to support offshore business but whose services are unclear may face individual review.