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Southeast Asia

Singapore

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

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Licences

What it takes to operate in Singapore: 4 licences, who issues each, what it covers and who holds one.

Licences over time

New licences each year, those cancelled, revoked or surrendered, and how many hold one.

Hold a licence now
38
New in 2026 so far
+3
Cancelled in 2026 so far
−1

Partial record. The line counts the 35 holders whose licence dates are known; the register lists 38. MAS's directory shows no licence dates, so grants are dated from MAS or firm announcements; four of the 38 current holders (Revolut Technologies Singapore, Triple A Technologies, JST Digital Trading & Technology and PayPal) are missing because no dated source for their DPT licence was found, and DBS Vickers Securities left the register between June and October 2026 on a date MAS has not published, so its cancellation is not listed. From the official register and the regulator's notices, read 10 Oct 2026.

See the numbers
YearNewCancelledHolders
2026 so far+3−135
2025+6–33
2024+13–27
2023+6–14
2022+5–8
2021+3–3

Major Payment Institution licence (digital payment token service)

MAS · Payment Services Act 2019

Buying, selling, exchanging, transferring and safeguarding digital payment tokens for customers in Singapore.

What it takes
  • 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 include

38holders, 5 Oct 2026Register

Digital Token Service Provider (DTSP) licence

MAS · Financial Services and Markets Act 2022, Part 9

Singapore entities or individuals providing digital token services only to customers outside Singapore.

What it takes
  • 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
No public count

Capital Markets Services licence (tokenised capital markets products)

MAS · Securities and Futures Act 2001

Dealing in, managing or providing custody of tokens that are securities, fund units or derivatives.

What it takes
  • 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
No public countRegister

Stablecoin issuance licence (proposed, MAS-SCS framework)

MAS · Payment Services Act 2019 (draft amendments, September 2026)

Issuing single-currency stablecoins pegged to the Singapore dollar or a G10 currency and labelling them MAS-regulated stablecoins.

What it takes
  • 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
No public count

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