Singapore
SingaporeAn early crypto licensing pioneer that now curbs retail speculation, builds tokenisation rails and is drafting stablecoin law.
Key Regulatory Progress
Every law, rule and official guide on crypto in Singapore: 6 apply today, and the rest show what's coming and how regulators read the rules. Each is explained in plain words and linked to the official original.
Last checked against the originals on 5 Oct 2026.
Core framework
The primary statutes that define crypto assets and who may deal in them.
- In forceApplies today
Financial Services and Markets Act 2022
Part 9, in force from 30 June 2025, requires Singapore-based digital token service providers serving only overseas customers to hold a DTSP licence.
Read the original - In forceApplies today
MAS Expands Scope of Regulated Payment Services; Introduces User Protection Requirements for Digital Payment Token Service Providers
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.
Read the original - In forceApplies today
Payment Services Act 2019
The core licensing law for payment services, in force since 28 January 2020. It makes DPT dealing, exchange, transfer and custody licensed activities.
Read the original
Exchanges & custody
Licensing, conduct and custody rules for trading platforms and service providers.
- In forceApplies today
Financial Services and Markets (Digital Token Service Providers) Regulations 2025
Sets the licence application, financial, officer approval and audit requirements for DTSPs. Came into operation on 30 June 2025.
Read the original - GuidanceNot binding law
Written reply to Parliamentary Question on virtual asset service providers
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 Most others were rejected or withdrawn.
Read the original - GuidanceNot binding law
MAS Clarifies Regulatory Regime for Digital Token Service Providers
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.
Read the original - GuidanceNot binding law
Guidelines on Licensing for Digital Token Service Providers
Sets eligibility criteria for DTSP licences, including S$250,000 base capital. MAS says it will consider a licence only in extremely limited circumstances.
Read the original - GuidanceNot binding law
Response to Feedback Received on Proposed Regulatory Approach, Regulations, Notices and Guidelines for Digital Token Service Providers
Final MAS policy on the DTSP regime after consultation. Confirms no transition period for firms serving only overseas customers.
Read the original
Stablecoins & payments
Issuance, reserve and redemption rules for fiat-referenced tokens and payment tokens.
- ConsultationDraft out for comment
Consultation on Proposed Amendments to the Payment Services Act 2019 for Stablecoins Regulation
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.
Read the original - GuidanceNot binding law
MAS Finalises Stablecoin Regulatory Framework
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.
Read the original
Tokenisation & securities
Security tokens, RWA, funds and ETFs.
- GuidanceNot binding law
Guardian
Hub for Project Guardian, listing policymaker and industry members, live use cases and the Guardian fund and fixed income frameworks.
Read the original - GuidanceNot binding law
Guide on the Tokenisation of Capital Markets Products
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.
Read the original - GuidanceNot binding law
MAS Announces Plans to Support Commercialisation of Asset Tokenisation
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.
Read the original - GuidanceNot binding law
MAS Partners the Industry to Pilot Use Cases in Digital Assets
Launches Project Guardian to test asset tokenisation and decentralised finance with industry while managing financial stability and integrity risks.
Read the original
AML & travel rule
Anti-money-laundering obligations and the FATF travel rule.
- In forceApplies today
Notice PSN02 Prevention of Money Laundering and Countering the Financing of Terrorism: Digital Payment Token Service
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.
Read the original - GuidanceNot binding law
Guidelines to Notice PSN02 on Prevention of Money Laundering and Countering the Financing of Terrorism: Digital Payment Token Service
Explains how MAS expects DPT service providers to apply Notice PSN02 in practice, including risk assessment and value transfer controls.
Read the original
Tax
How gains, income and transactions are taxed.
- In forceApplies today
GST: Digital Payment Tokens
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.
Read the original - GuidanceNot binding law
IRAS e-Tax Guide: Income Tax Treatment of Digital Tokens
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.
Read the original
Investor protection
Market abuse, disclosure, advertising and retail safeguards.
- GuidanceNot binding law
Guidelines on Consumer Protection Measures by DPT Service Providers [PS-G03]
Implements asset safeguarding from 4 October 2024, and consumer access, conflict of interest and conduct rules from 19 June 2025.
Read the original - GuidanceNot binding law
MAS Strengthens Regulatory Measures for Digital Payment Token Services
Final retail access measures: risk-awareness assessments, no trading incentives, no financing or leverage, and no locally issued credit card payments.
Read the original - GuidanceNot binding law
MAS Publishes Investor Protection Measures for Digital Payment Token Services
Requires customer assets to be held under statutory trust and bars DPT firms from facilitating lending and staking of retail customers' tokens.
Read the original - GuidanceNot binding law
Yes to Digital Asset Innovation, No to Cryptocurrency Speculation (speech by Ravi Menon)
The policy speech that framed MAS's stance after the 2022 crypto collapses: support tokenisation while discouraging retail speculation.
Read the original - GuidanceNot binding law
Guidelines on Provision of Digital Payment Token Services to the Public [PS-G02]
Tells DPT service providers not to advertise to the general public in Singapore, including in public areas, on third-party websites or via influencers.
Read the original
Banks & prudential
What banks may hold, custody or issue.
- ConsultationDraft out for comment
Consultation Paper on the Prudential Treatment of Cryptoassets on Permissionless Blockchains
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.
Read the original - GuidanceNot binding law
Response to Feedback Received on the Prudential Treatment of Cryptoasset Exposures and Requirements for Additional Tier 1 and Tier 2 Capital Instruments for Banks
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.
Read the original
CBDC & tokenised money
Central-bank digital currency and tokenised deposit programmes.
- GuidanceNot binding law
MAS Announces Successful Live Trial of Settlement of Interbank Overnight Lending Using Wholesale Central Bank Digital Currency
First live issuance of Singapore dollar wholesale CBDC, used by DBS, OCBC and UOB. MAS plans a follow-on trial of tokenised MAS Bills.
Read the original - GuidanceNot binding law
MAS Launches BLOOM Initiative to Extend Settlement Capabilities
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.
Read the original
Spotted on regulators' sites · All changes
- 2026.10.25Singapore's Digital Token Service Providers Regulations updated
- 2026.10.24MAS, BNM and BOT partner to advance cross-border settlement in digital money
- 2026.10.21UK and Singapore Deepen Cooperation on Digital Finance
- 2026.10.19Digital Token Service Providers Regulations updated to 20 October 2026
- 2026.10.17MAS Digital Token Service Providers Regulations updated to 18 Oct 2026
- 2026.10.17Payment Services Act 2019 updated to 18 October 2026
More in Southeast Asia
Thailand
Vietnam
Malaysia
Indonesia
Philippines
CambodiaMembers · free
Sign in to read the full regulation guide
One free account opens every market's regulation, licences and companies, the AI tools, letters and the magazine.