Singapore, June 30 -- Singapore ramped up crypto exchange regulations on June 30 in a bid to curb money laundering and boost market confidence after a series of high-profile scandals had rattled the sector.

The Monetary Authority of Singapore (MAS), the city-state's central bank, last month said digital token service providers (DTSPs) that served only overseas clients must have a licence to continue operations past June 30 - or close up shop.

The MAS in a subsequent statement added that it has "set the bar high for licensing and will generally not issue a licence" for such operations.

The money laundering risks are higher in such business models and if their substantive regulated activity is outside of Singapore, the MAS is unable to e...