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Singapore

An early crypto licensing pioneer that now curbs retail speculation, builds tokenisation rails and is drafting stablecoin law.

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38Major Payment Institutions licensed for DPT services
~300DPT licence applications since 2020, most rejected or withdrawn
S$1mMinimum base capital for an MAS-regulated stablecoin issuer (or 50% of annual opex)

Singapore was one of the first places to license crypto businesses.

The Payment Services Act took effect on 28 January 2020 and made digital payment token (DPT) services a licensed activity overseen by the Monetary Authority of Singapore (MAS).

The open door drew a crowd: MAS says it has received close to 300 licence applications since then, and most were rejected or withdrawn.

Read the full story

The turning point came in 2022, when the collapse of Terra and the failure of Singapore-based fund Three Arrows Capital shook confidence in the industry.

MAS managing director Ravi Menon framed the new line as "yes to digital asset innovation, no to cryptocurrency speculation".

What followed was a steady tightening: customer assets held on statutory trust, no retail lending or staking, risk-awareness tests, no trading incentives or credit, and from 30 June 2025 an end to firms serving only overseas customers from Singapore.

Today 38 firms hold a Major Payment Institution licence for DPT services, including Coinbase, Crypto.com's Foris DAX Asia, OKX, Upbit, Circle, Paxos and Ripple.

MAS is also building wholesale infrastructure: Project Guardian has run tokenisation pilots since 2022, BLOOM supports settlement in tokenised bank liabilities and regulated stablecoins, and banks settled live interbank loans in wholesale CBDC in November 2025.

On 1 September 2026 MAS published draft amendments to give its 2023 stablecoin framework legal force, adding an interest ban, stress tests and recognition of some foreign-issued stablecoins.

For builders, Singapore suits institutional, wholesale and tokenisation products more than retail growth plays.

Licences are scarce and supervision is hands-on: MAS revoked Bsquared Technology's licence in May 2026 after finding serious breaches.

Stablecoin issuers pegged to the Singapore dollar or a G10 currency should track the consultation that closes on 16 October 2026 and the subsidiary legislation that follows.

Who regulates

  • MASMonetary Authority of Singapore

    In charge of

    Singapore's central bank and single financial regulator. It runs monetary policy through the exchange rate and licenses and supervises banks, insurers, capital markets firms and payment providers.

    On crypto

    Licenses DPT services under the Payment Services Act (38 Major Payment Institutions) and the DTSP regime, which it says it will generally not grant. It bars retail incentives, leverage, lending and staking, revoked Bsquared Technology's licence in May 2026 and is consulting until 16 October 2026 on stablecoin law.

    MAS website
  • IRASInland Revenue Authority of Singapore

    In charge of

    Singapore's tax authority under the Ministry of Finance. It assesses and collects income tax, GST, property tax and stamp duty and issues e-Tax Guides on how the law applies.

    On crypto

    Its e-Tax Guide on digital tokens, last updated 30 January 2026, says capital gains on tokens are not taxed but trading gains are taxed as income. Since 1 January 2020 it has exempted the exchange of digital payment tokens for fiat or other tokens from GST.

    IRAS website

What to watch

  • Stablecoin law: comments on draft Payment Services Act amendments close 16 October 2026; subsidiary legislation follows.
  • Tokenised MAS Bills: MAS plans a trial issuing them to primary dealers, settled in wholesale Singapore dollar CBDC.
  • Bank capital: Basel cryptoasset standards deferred to 1 January 2027 or later; MAS has yet to respond to its April 2026 consultation on permissionless-blockchain assets.
  • DTSP regime: whether MAS grants any licence to firms serving only customers outside Singapore.
Company map 84 companies that make up Singapore's crypto industry, by what they do

Quick answers

Who regulates crypto in Singapore?

Two authorities shape crypto rules in Singapore. MAS (Monetary Authority of Singapore): central bank and integrated regulator that licenses DPT, DTSP and capital markets firms. IRAS (Inland Revenue Authority of Singapore): tax authority that sets income tax and GST treatment of digital tokens.

Do crypto exchanges need a licence in Singapore?

Yes, under a dedicated regime. 38 DPT licensees under the Payment Services Act; offshore-only DTSPs effectively barred since June 2025. The main licences are Major Payment Institution licence (digital payment token service) from MAS, held by 38 as of 5 Oct 2026; Digital Token Service Provider (DTSP) licence from MAS; and Capital Markets Services licence (tokenised capital markets products) from MAS. Four Pillars rates exchange licensing in Singapore as comprehensive (reviewed 5 Oct 2026).

Are stablecoins regulated in Singapore?

Not fully yet: the regime is being built. Framework set in 2023; draft Payment Services Act amendments under consultation until 16 Oct 2026. The most recent official text is Consultation on Proposed Amendments to the Payment Services Act 2019 for Stablecoins Regulation (Monetary Authority of Singapore (MAS), 1 Sep 2026, consultation). Four Pillars rates its stablecoin regime in Singapore as developing (reviewed 5 Oct 2026).

How is crypto taxed in Singapore?

No capital gains tax; trading gains are taxed as income. Four Pillars rates tax clarity in Singapore as comprehensive (reviewed 5 Oct 2026).

Can real-world assets be tokenised in Singapore?

Yes, under a dedicated regime. Security tokens regulated under the SFA; Project Guardian pilots with 40+ institutions since 2022. Four Pillars rates tokenisation and real-world assets in Singapore as comprehensive (reviewed 5 Oct 2026).

What changed most recently in Singapore's crypto rules?

1 Sep 2026: Draft stablecoin legislation published. MAS consulted on Payment Services Act amendments creating a stablecoin issuance licence. 13 Nov 2025: First live wholesale CBDC issuance completed. DBS, OCBC and UOB settled interbank overnight loans in Singapore dollar wholesale CBDC.

What should companies watch next in Singapore?

Stablecoin law: comments on draft Payment Services Act amendments close 16 October 2026; subsidiary legislation follows. Tokenised MAS Bills: MAS plans a trial issuing them to primary dealers, settled in wholesale Singapore dollar CBDC. Bank capital: Basel cryptoasset standards deferred to 1 January 2027 or later; MAS has yet to respond to its April 2026 consultation on permissionless-blockchain assets.

Timeline

  1. Draft stablecoin legislation published

    MAS consulted on Payment Services Act amendments creating a stablecoin issuance licence.

  2. First live wholesale CBDC issuance completed

    DBS, OCBC and UOB settled interbank overnight loans in Singapore dollar wholesale CBDC.

  3. BLOOM initiative launched

    MAS moved to support settlement in tokenised bank liabilities and well-regulated stablecoins.

  4. DTSP regime took effect

    Singapore firms serving only overseas customers needed a licence that MAS said it would generally not grant.

  5. Consumer access and conduct rules took effect

    Chapters 4 to 6 of Guidelines PS-G03 began to apply to DPT service providers.

  6. Payment Services Act amendments took effect

    DPT custody and facilitation came into scope, alongside AML/CFT Notice PSN02.

  7. Retail consumer access measures finalised

    MAS confirmed risk-awareness tests and bans on incentives, leverage and local credit card payments.

  8. Stablecoin framework finalised

    MAS set reserve, capital, redemption and disclosure rules for single-currency stablecoins.

  9. Project Guardian launched

    MAS began industry pilots in asset tokenisation and decentralised finance.

  10. MAS restricted crypto marketing to the public

    Guidelines PS-G02 barred DPT firms from advertising in public areas or through third-party websites and influencers.

  11. Payment Services Act took effect

    DPT dealing and exchange services became licensed activities supervised by MAS.

Cite this page: Four Pillars Asia Digital Asset Policy Center, “Singapore crypto regulation”, reviewed 5 Oct 2026, https://policy.4pillars.io/singapore. Free to reuse with attribution; also as markdown and JSON.

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