# Singapore crypto regulation From the Four Pillars Asia Digital Asset Policy Center. Cite as: Four Pillars Asia Digital Asset Policy Center, "Singapore crypto regulation", reviewed 2026-10-05, https://policy.4pillars.io/singapore. Free to reuse with attribution: cite "Four Pillars Asia Digital Asset Policy Center" and link to the page the fact comes from (each market has its own URL), and to the primary source where one is given. Terms: https://policy.4pillars.io/developers#attribution Page: https://policy.4pillars.io/singapore Region: Southeast Asia. Last reviewed: 2026-10-05. > An early crypto licensing pioneer that now curbs retail speculation, builds tokenisation rails and is drafting stablecoin law. 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door drew a crowd: MAS says it has received close to 300 licence applications since then, and most were rejected or withdrawn. 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. ### Snapshot - Exchange licensing: Comprehensive. 38 DPT licensees under the Payment Services Act; offshore-only DTSPs effectively barred since June 2025 - Stablecoin regime: Developing. Framework set in 2023; draft Payment Services Act amendments under consultation until 16 Oct 2026 - Tokenisation & RWA: Comprehensive. Security tokens regulated under the SFA; Project Guardian pilots with 40+ institutions since 2022 - Retail access: Partial. Allowed on licensed platforms after a risk-awareness test; no incentives, leverage or local credit cards - Tax clarity: Comprehensive. No capital gains tax; trading gains taxed as income; DPT exchanges exempt from GST since 2020 ### Quick answers **Is crypto legal in Singapore?** Yes, with limits. Allowed on licensed platforms after a risk-awareness test; no incentives, leverage or local credit cards. Four Pillars rates retail access in Singapore as partial (reviewed 5 Oct 2026). **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. ### Key numbers - 38 Major Payment Institutions licensed for DPT services (as of 2026-10-05) - ~300 DPT licence applications since 2020, most rejected or withdrawn (as of 2026-08-05) - S$1m Minimum base capital for an MAS-regulated stablecoin issuer (or 50% of annual opex) (as of 2023-08-15) - 0% Tax on capital gains from holding digital tokens (as of 2026-01-30) ### 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. ### Regulators - **MAS**, Monetary Authority of Singapore: Central bank and integrated regulator that licenses DPT, DTSP and capital markets firms. 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. 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. - **IRAS**, Inland Revenue Authority of Singapore: Tax authority that sets income tax and GST treatment of digital tokens. 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. 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. ### Licences #### Major Payment Institution licence (digital payment token service) - Regulator: MAS - Legal basis: Payment Services Act 2019 - Covers: Buying, selling, exchanging, transferring and safeguarding digital payment tokens for customers in Singapore. - Requirements: Base capital of at least S$250,000, with fit and proper directors and management; Customer assets segregated and held on statutory trust, with daily reconciliation; AML/CFT controls under Notice PSN02, including Travel Rule data on token transfers; Retail risk-awareness test; no incentives, credit, leverage or local credit card payments; No facilitation of lending or staking of retail customers' tokens; No marketing to the general public under Guidelines PS-G02 - Holders: 38 (as of 2026-10-05) - Notable holders: Coinbase Singapore, Foris DAX Asia (Crypto.com), OKX SG, Upbit Singapore, Circle Internet Singapore, Paxos Digital Singapore, Ripple Markets APAC, Gemini Digital Payments Singapore - Official register: - Page: https://policy.4pillars.io/singapore/licences#lic-1 #### Digital Token Service Provider (DTSP) licence - Regulator: MAS - Legal basis: Financial Services and Markets Act 2022, Part 9 - Covers: Singapore entities or individuals providing digital token services only to customers outside Singapore. - Requirements: Granted only in extremely limited circumstances; MAS says it will generally not issue one; Base capital of at least S$250,000; Permanent place of business in Singapore and a Singapore-based compliance officer; AML/CFT and targeted financial sanctions obligations under FSMA rules - Page: https://policy.4pillars.io/singapore/licences#lic-2 #### Capital Markets Services licence (tokenised capital markets products) - Regulator: MAS - Legal basis: Securities and Futures Act 2001 - Covers: Dealing in, managing or providing custody of tokens that are securities, fund units or derivatives. - Requirements: Tokens that are capital markets products follow the same rules as their traditional equivalents; Offers need a prospectus unless an exemption applies, such as private placements; Trading platforms must be an approved exchange or a recognised market operator; Licensees must meet MAS capital, conduct and AML/CFT requirements - Official register: - Page: https://policy.4pillars.io/singapore/licences#lic-3 #### Stablecoin issuance licence (proposed, MAS-SCS framework) - Regulator: MAS - Legal basis: Payment Services Act 2019 (draft amendments, September 2026) - Covers: Issuing single-currency stablecoins pegged to the Singapore dollar or a G10 currency and labelling them MAS-regulated stablecoins. - Requirements: Base capital of the higher of S$1 million or 50% of annual operating expenses; Reserves worth at least 100% of tokens in circulation, held in low-risk liquid assets; Monthly independent attestation and annual audit of reserves; Redemption at par within five business days; Proposed: no interest to holders, regular stress tests, recovery and wind-down plans - Page: https://policy.4pillars.io/singapore/licences#lic-4 ### Timeline - 2020-01-28: Payment Services Act took effect. DPT dealing and exchange services became licensed activities supervised by MAS. - 2022-01-17: 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. - 2022-05-31: Project Guardian launched. MAS began industry pilots in asset tokenisation and decentralised finance. - 2023-08-15: Stablecoin framework finalised. MAS set reserve, capital, redemption and disclosure rules for single-currency stablecoins. - 2023-11-23: Retail consumer access measures finalised. MAS confirmed risk-awareness tests and bans on incentives, leverage and local credit card payments. - 2024-04-04: Payment Services Act amendments took effect. DPT custody and facilitation came into scope, alongside AML/CFT Notice PSN02. - 2025-06-19: Consumer access and conduct rules took effect. Chapters 4 to 6 of Guidelines PS-G03 began to apply to DPT service providers. - 2025-06-30: DTSP regime took effect. Singapore firms serving only overseas customers needed a licence that MAS said it would generally not grant. - 2025-10-16: BLOOM initiative launched. MAS moved to support settlement in tokenised bank liabilities and well-regulated stablecoins. - 2025-11-13: First live wholesale CBDC issuance completed. DBS, OCBC and UOB settled interbank overnight loans in Singapore dollar wholesale CBDC. - 2026-09-01: Draft stablecoin legislation published. MAS consulted on Payment Services Act amendments creating a stablecoin issuance licence. ### Primary sources - [Consultation on Proposed Amendments to the Payment Services Act 2019 for Stablecoins Regulation](https://www.mas.gov.sg/publications/consultations/2026/consultation-on-proposed-amendments-to-the-payment-services-act-for-stablecoin-regulation). Monetary Authority of Singapore (MAS), 2026-09-01, consultation. Draft law creating a stablecoin issuance licence, with an interest ban, stress testing, recovery plans and recognition of some foreign stablecoins. Comments close 16 October 2026. - [Written reply to Parliamentary Question on virtual asset service providers](https://www.mas.gov.sg/news/parliamentary-replies/2026/written-reply-to-parliamentary-question-on-virtual-asset-service-providers). Monetary Authority of Singapore (MAS), 2026-08-05, guidance. MAS Chairman Gan Kim Yong told Parliament that 37 DPT service providers were licensed out of close to 300 applications. Most others were rejected or withdrawn. - [Consultation Paper on the Prudential Treatment of Cryptoassets on Permissionless Blockchains](https://www.mas.gov.sg/publications/consultations/2026/consultation-on-the-prudential-treatment-of-cryptoassets-on-permissionless-blockchains). Monetary Authority of Singapore (MAS), 2026-04-17, consultation. Proposes letting banks give some cryptoassets on permissionless blockchains the more favourable Group 1 capital treatment if risks are mitigated. Comments closed on 18 May 2026; MAS had not published its response by October 2026. - [IRAS e-Tax Guide: Income Tax Treatment of Digital Tokens](https://www.iras.gov.sg/media/docs/default-source/e-tax/etaxguide_cit_income-tax-treatment-of-digital-tokens_091020.pdf). Inland Revenue Authority of Singapore (IRAS), 2026-01-30, guidance. Capital gains on tokens are not taxed, but gains from trading are taxed as income under the badges of trade. Latest edition published 30 January 2026. - [Guardian](https://www.mas.gov.sg/schemes-and-initiatives/project-guardian). Monetary Authority of Singapore (MAS), 2026-01-29, guidance. Hub for Project Guardian, listing policymaker and industry members, live use cases and the Guardian fund and fixed income frameworks. - [Guide on the Tokenisation of Capital Markets Products](https://www.mas.gov.sg/-/media/mas/sectors/guidance/guide-on-the-tokenisation-of-capital-markets-products.pdf). Monetary Authority of Singapore (MAS), 2025-11-14, guidance. Explains when a token is a capital markets product under the Securities and Futures Act and how prospectus and licensing rules apply to issuers and platforms. - [MAS Announces Successful Live Trial of Settlement of Interbank Overnight Lending Using Wholesale Central Bank Digital Currency](https://www.mas.gov.sg/news/media-releases/2025/mas-announces-successful-live-trial-of-settlement-of-interbank-overnight-lending). Monetary Authority of Singapore (MAS), 2025-11-13, guidance. First live issuance of Singapore dollar wholesale CBDC, used by DBS, OCBC and UOB. MAS plans a follow-on trial of tokenised MAS Bills. - [MAS Launches BLOOM Initiative to Extend Settlement Capabilities](https://www.mas.gov.sg/news/media-releases/2025/mas-launches-bloom-initiative-to-extend-settlement-capabilities). Monetary Authority of Singapore (MAS), 2025-10-16, guidance. Builds on Project Orchid to enable settlement in tokenised bank liabilities and well-regulated stablecoins across currencies, with members including Circle, DBS, OCBC and UOB. - [Response to Feedback Received on the Prudential Treatment of Cryptoasset Exposures and Requirements for Additional Tier 1 and Tier 2 Capital Instruments for Banks](https://www.mas.gov.sg/-/media/mas-media-library/publications/consultations/ppd/2025/response-to-consultation-paper-on-crypto-at1-and-tier2.pdf). Monetary Authority of Singapore (MAS), 2025-10-09, guidance. Concludes the March 2025 consultation on Basel cryptoasset capital rules for banks under Notice 637, deferring them to 1 January 2027 or later. Until then, banks must notify MAS of crypto exposures and apply broadly the consulted treatment. - [Financial Services and Markets Act 2022](https://sso.agc.gov.sg/Act/FSMA2022). Parliament of Singapore (Singapore Statutes Online), 2025-06-30, in force. Part 9, in force from 30 June 2025, requires Singapore-based digital token service providers serving only overseas customers to hold a DTSP licence. - [Financial Services and Markets (Digital Token Service Providers) Regulations 2025](https://sso.agc.gov.sg/SL/FSMA2022-S342-2025). Monetary Authority of Singapore (MAS), 2025-06-30, in force. Sets the licence application, financial, officer approval and audit requirements for DTSPs. Came into operation on 30 June 2025. - [MAS Clarifies Regulatory Regime for Digital Token Service Providers](https://www.mas.gov.sg/news/media-releases/2025/mas-clarifies-regulatory-regime-for-digital-token-service-providers). Monetary Authority of Singapore (MAS), 2025-06-06, guidance. States that MAS will generally not issue DTSP licences, so offshore-only providers had to cease by 30 June 2025. Utility and governance token services fall outside the regime. - [Guidelines on Licensing for Digital Token Service Providers](https://www.mas.gov.sg/regulation/guidelines/guidelines-on-licensing-for-dtsps). Monetary Authority of Singapore (MAS), 2025-05-30, guidance. Sets eligibility criteria for DTSP licences, including S$250,000 base capital. MAS says it will consider a licence only in extremely limited circumstances. - [Response to Feedback Received on Proposed Regulatory Approach, Regulations, Notices and Guidelines for Digital Token Service Providers](https://www.mas.gov.sg/-/media/response-to-feedback-received-from-dtsp-cp.pdf). Monetary Authority of Singapore (MAS), 2025-05-30, guidance. Final MAS policy on the DTSP regime after consultation. Confirms no transition period for firms serving only overseas customers. - [MAS Announces Plans to Support Commercialisation of Asset Tokenisation](https://www.mas.gov.sg/news/media-releases/2024/mas-announces-plans-to-support-commercialisation-of-asset-tokenisation). Monetary Authority of Singapore (MAS), 2024-11-04, guidance. Reports over 15 Guardian trials across six currencies and sets out commercial networks, Global Layer One infrastructure and a common settlement facility for tokenised assets. - [Guidelines on Consumer Protection Measures by DPT Service Providers [PS-G03]](https://www.mas.gov.sg/regulation/guidelines/ps-g03-guidelines-on-consumer-protection-measures-by-dpt-service-providers). Monetary Authority of Singapore (MAS), 2024-09-19, guidance. Implements asset safeguarding from 4 October 2024, and consumer access, conflict of interest and conduct rules from 19 June 2025. - [Notice PSN02 Prevention of Money Laundering and Countering the Financing of Terrorism: Digital Payment Token Service](https://www.mas.gov.sg/regulation/notices/psn02-aml-cft-notice---digital-payment-token-service). Monetary Authority of Singapore (MAS), 2024-04-04, in force. Binding AML/CFT rules for DPT licensees covering customer due diligence, monitoring and suspicious transaction reporting. Includes Travel Rule data for token transfers, last revised 30 June 2025. - [Guidelines to Notice PSN02 on Prevention of Money Laundering and Countering the Financing of Terrorism: Digital Payment Token Service](https://www.mas.gov.sg/regulation/guidelines/guidelines-to-notice-psn02-on-aml-and-cft---dpt). Monetary Authority of Singapore (MAS), 2024-04-04, guidance. Explains how MAS expects DPT service providers to apply Notice PSN02 in practice, including risk assessment and value transfer controls. - [MAS Expands Scope of Regulated Payment Services; Introduces User Protection Requirements for Digital Payment Token Service Providers](https://www.mas.gov.sg/news/media-releases/2024/mas-expands-scope-of-regulated-payment-services). Monetary Authority of Singapore (MAS), 2024-04-02, in force. Commences the Payment Services (Amendment) Act 2021 in stages from 4 April 2024. It brings DPT custody and facilitation into scope and lets MAS impose user protection rules. - [MAS Strengthens Regulatory Measures for Digital Payment Token Services](https://www.mas.gov.sg/news/media-releases/2023/mas-strengthens-regulatory-measures-for-digital-payment-token-services). Monetary Authority of Singapore (MAS), 2023-11-23, guidance. Final retail access measures: risk-awareness assessments, no trading incentives, no financing or leverage, and no locally issued credit card payments. - [MAS Finalises Stablecoin Regulatory Framework](https://www.mas.gov.sg/news/media-releases/2023/mas-finalises-stablecoin-regulatory-framework). Monetary Authority of Singapore (MAS), 2023-08-15, guidance. Sets the MAS-SCS framework for single-currency stablecoins pegged to the Singapore dollar or a G10 currency. Covers reserves, capital, redemption at par within five business days and disclosure. - [MAS Publishes Investor Protection Measures for Digital Payment Token Services](https://www.mas.gov.sg/news/media-releases/2023/mas-publishes-investor-protection-measures-for-digital-payment-token-services). Monetary Authority of Singapore (MAS), 2023-07-03, guidance. Requires customer assets to be held under statutory trust and bars DPT firms from facilitating lending and staking of retail customers' tokens. - [Yes to Digital Asset Innovation, No to Cryptocurrency Speculation (speech by Ravi Menon)](https://www.mas.gov.sg/news/speeches/2022/yes-to-digital-asset-innovation-no-to-cryptocurrency-speculation). Monetary Authority of Singapore (MAS), 2022-08-29, guidance. The policy speech that framed MAS's stance after the 2022 crypto collapses: support tokenisation while discouraging retail speculation. - [MAS Partners the Industry to Pilot Use Cases in Digital Assets](https://www.mas.gov.sg/news/media-releases/2022/mas-partners-the-industry-to-pilot-use-cases-in-digital-assets). Monetary Authority of Singapore (MAS), 2022-05-31, guidance. Launches Project Guardian to test asset tokenisation and decentralised finance with industry while managing financial stability and integrity risks. - [Guidelines on Provision of Digital Payment Token Services to the Public [PS-G02]](https://www.mas.gov.sg/regulation/guidelines/ps-g02-guidelines-on-provision-of-digital-payment-token-services-to-the-public). Monetary Authority of Singapore (MAS), 2022-01-17, guidance. Tells DPT service providers not to advertise to the general public in Singapore, including in public areas, on third-party websites or via influencers. - [Payment Services Act 2019](https://sso.agc.gov.sg/Act/PSA2019). Parliament of Singapore (Singapore Statutes Online), 2020-01-28, in force. The core licensing law for payment services, in force since 28 January 2020. It makes DPT dealing, exchange, transfer and custody licensed activities. - [GST: Digital Payment Tokens](https://www.iras.gov.sg/taxes/goods-services-tax-(gst)/specific-business-sectors/digital-payment-tokens). Inland Revenue Authority of Singapore (IRAS), 2020-01-01, in force. Since 1 January 2020, exchanging digital payment tokens for fiat or other tokens is exempt from GST, removing double taxation on crypto used as payment.