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New regulations introduced in Singapore, a large exchange still retains hundreds of remote employees.
On July 2, according to reports, despite Singapore's recent crackdown on unlicensed encryption companies, a certain platform still plans to retain hundreds of remote employees in Singapore.
The Monetary Authority of Singapore (MAS) recently announced a hard requirement: all encryption companies registered in Singapore that provide services overseas must cease relevant activities by June 30. This move has prompted several of the world's top ten trading platforms to consider relocating their employees abroad.
However, according to informed sources, this new regulation is expected to have minimal impact on the operations of a certain platform in Singapore. These individuals requested anonymity due to the confidential nature of the matter. They stated that the platform's hundreds of remote employees in Singapore will not need to relocate. Analysis shows that there are over 400 employees of the platform who have indicated that they are based in Singapore on LinkedIn.
Insiders say that most employees of the trading platform in Singapore are engaged in back-office functions such as compliance, human resources, data analysis, and technical work, and are therefore considered not to be affected by the new MAS regulations. They work remotely rather than in physical offices, which also provides a degree of protection.