Digital Currency Group's Luno crypto exchange is set to withdraw from the Singapore market and cancel its application for a license in the city-state, according to a blog post by the exchange.

The firm's services will no longer be available in Singapore from June 20, and Luno has informed the Monetary Authority of Singapore (MAS) that it no longer wants a permit.

The move comes as part of a regular evaluation of the company's global strategy, Luno said, and Singaporean customers have been asked to withdraw tokens and funds by June 19.

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Luno had previously announced in April 2022 that it had received in-principle approval from the MAS to provide digital payment token services. However, Singapore has since proposed restrictions on cryptocurrency trading by retail investors in the wake of last year's $1.5 trillion decline in digital assets.

This development has led to a reassessment of the cryptocurrency sector's potential in Singapore, even as Hong Kong seeks to create a hub for digital asset firms.