Singapore Crypto License Calculator
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By June 30, 2025, if you were running a crypto exchange, wallet service, or token trading platform from Singapore-even if you only served customers overseas-you had to shut down or get licensed. No grace period. No exceptions. That’s how serious Singapore got about cryptocurrency regulation.
What Changed in 2025?
The big shift came with the Financial Services and Markets Act 2022 (FSMA), which replaced older rules and gave the Monetary Authority of Singapore (MAS) full control over digital asset services. Before this, companies could operate under looser guidelines under the Payment Services Act. Now, every single digital token service provider (DTSP) must be licensed by MAS. That includes exchanges, custodians, staking services, and even decentralized platforms if they have a physical presence or team in Singapore. The new law doesn’t just apply to businesses serving locals. If your company is based in Singapore, even if you only trade with users in Nigeria or Brazil, you still need a license. This extraterritorial reach is rare globally-and it’s why so many crypto firms moved their headquarters out of Singapore after the deadline.Two Tiers of Licensing
Singapore doesn’t use a one-size-fits-all license. It has two main categories, based on how much money flows through your platform each month.- Standard Payment Institution License: For businesses handling up to SGD 3 million in monthly transaction volume. Requires at least SGD 100,000 in paid-up capital. You’ll need basic AML checks, customer verification, and regular reporting to MAS.
- Major Payment Institution License: For platforms handling more than SGD 3 million monthly. Minimum capital jumps to SGD 250,000. You’ll need advanced cybersecurity systems, annual third-party audits, a full-time compliance officer based in Singapore, and real-time transaction monitoring.
Anti-Money Laundering Rules Are Tighter Than Banks
MAS doesn’t treat crypto like a novelty. It treats it like a bank. The key rule is Notice PSN02, known as the Crypto Travel Rule. It forces every licensed provider to collect and share the same data on every transaction as traditional financial institutions: full names, addresses, ID numbers, and wallet addresses of both sender and receiver. If you’re sending more than SGD 1,000 in crypto, your platform must verify both parties. If you see unusual patterns-like sudden large transfers from unknown wallets, or rapid movement between multiple accounts-you must report it to Singapore’s Financial Intelligence Unit. Failure to do so can mean fines up to SGD 2 million or jail time for executives. This isn’t optional. Even decentralized platforms that claim to be “non-custodial” must comply if they’re registered in Singapore. There’s no loophole for anonymity.
Credit Cards Are Banned for Crypto Purchases
One of the most surprising moves in 2025 was the outright ban on using credit cards to buy cryptocurrency. MAS saw too many retail investors using high-interest debt to gamble on volatile tokens. The rule applies to all licensed providers operating in Singapore-no exceptions. You can still buy crypto with bank transfers, PayNow, or cash deposits. But if you try to use a Visa or Mastercard linked to a Singapore-issued account, the transaction will be blocked at the payment gateway level. This rule protects average users from losing more than they can afford. It also reduces the risk of fraud and chargebacks, which have plagued crypto markets in other countries.Stablecoins Are Treated Like Cash
Singapore didn’t just regulate Bitcoin and Ethereum. It created one of the world’s first clear legal frameworks for stablecoins. Issuers must now prove they hold 100% reserves in approved assets-like Singapore government bonds, U.S. Treasuries, or gold-backed deposits-and submit monthly audits. No algorithmic stablecoins. No unbacked tokens. No “stablecoins” that rely on complex formulas or speculative collateral. If you want to issue a stablecoin in Singapore, it must be fully backed, redeemable on demand, and audited by a MAS-approved firm. This has made Singapore a magnet for institutional stablecoin projects. Tether and Circle have both expanded their Singapore operations since 2025, drawn by the clarity and trustworthiness of the rules.Why This Matters for Global Crypto
Compared to other major economies, Singapore’s approach is starkly different. The U.S. is still stuck in regulatory limbo-different agencies fighting over jurisdiction, lawsuits dragging on for years, and no clear path for startups. The EU’s MiCAR law is complex and still rolling out, with transitional periods and vague definitions. Hong Kong introduced licensing in 2024 but hasn’t yet enforced the extraterritorial rules that Singapore did. Singapore’s model is simple: if you operate from here, you follow our rules-no matter who your customers are. That’s why some crypto firms left. But others stayed. The ones that stayed now operate with certainty. They know what’s allowed. They know what’s not. They know the penalties. This predictability attracts institutional investors, hedge funds, and asset managers who need compliance to be bulletproof. It’s not about being the most crypto-friendly place. It’s about being the most trustworthy.
What Happens If You Don’t Comply?
The penalties are brutal. Unlicensed operators caught after June 30, 2025, face:- Fines up to SGD 2 million
- Up to 10 years in prison for company directors
- Freezing of bank accounts and digital assets
- Public blacklisting by MAS
Who’s Licensed Now?
As of October 2025, only 12 companies hold full DTSP licenses under FSMA. Most are established firms: DBS Bank’s digital asset arm, Coinbase Singapore, Kraken’s Singapore entity, and a few local players like Luno and Coinhako that restructured completely to meet the new standards. No new licenses have been issued since July 2025. MAS is not accepting applications for new DTSPs until further notice. The message is clear: quality over quantity. Fewer players, but each one is tightly controlled.What’s Next?
MAS is now focusing on two areas: tokenization of real-world assets (like property and bonds) and central bank digital currency (CBDC) pilots. They’re not banning innovation-they’re channeling it into areas where regulation can keep pace. The future of crypto in Singapore won’t be about wild price swings or meme coins. It’ll be about secure, regulated, institutional-grade digital assets that integrate with the global financial system. If you’re thinking of launching a crypto business in Asia, Singapore isn’t the easiest place to start. But it’s the safest. And in finance, safety often matters more than speed.Do I need a license to hold crypto personally in Singapore?
No. Singapore’s regulations only apply to businesses offering crypto services-exchanges, wallets, trading platforms, or staking services. If you’re buying and holding Bitcoin or Ethereum for yourself, you don’t need a license. You just need to report any capital gains for tax purposes.
Can foreign crypto companies operate in Singapore without a license?
Only if they have no physical presence, employees, or operational base in Singapore. If a foreign company has even one employee working from Singapore, or uses a Singapore-based server to serve customers, it’s considered a domestic operation and must be licensed. MAS enforces this strictly.
Are decentralized exchanges (DEXs) banned in Singapore?
Not banned-but if a DEX has any ties to Singapore-like developers based here, marketing targeted at locals, or a Singapore-based legal entity-it must comply with licensing rules. Purely offshore, anonymous DEXs with no Singapore connection are not regulated, but they can’t legally operate from within the country.
Can I use a VPN to access foreign crypto exchanges from Singapore?
Technically, yes. There’s no law against using a VPN to access foreign platforms. But if you’re using a Singapore bank account to fund those exchanges, you risk account freezes. Banks monitor transactions and flag transfers to unlicensed platforms. MAS advises against it for risk and compliance reasons.
What’s the difference between a DPT license and a CMS license?
A Digital Payment Token (DPT) license under the Payment Services Act covers basic crypto services like trading and custody. A Capital Markets Services (CMS) license is required if you’re dealing with tokens that qualify as securities-like utility tokens with profit-sharing rights or tokenized stocks. Many platforms need both licenses if they offer both types of assets.
Heather Hartman
November 30, 2025 AT 21:52This is actually kind of beautiful. Singapore didn't just regulate crypto-they built a temple for it. No chaos, no gray zones, just clear rules that protect people and attract real money. Finally, someone gets it.
Other countries are still arguing over whether crypto is a currency or a security. Singapore just said, 'Here's how it works.' And now the adults are moving in.
I'm not saying it's perfect, but it's the first time I've seen a government treat digital assets like they matter-without being hysterical or clueless.
Paul McNair
December 2, 2025 AT 09:49Let me tell you something-this is what happens when you stop treating crypto like a Wild West carnival and start treating it like finance. Singapore didn’t ban innovation. They just made sure the people running the rides had a license, insurance, and a background check.
Meanwhile, the U.S. is still letting influencers sell Dogecoin on TikTok while the SEC yells into a void. No wonder institutions are fleeing to Asia.
Respect. Pure and simple.
Mohamed Haybe
December 3, 2025 AT 23:40Typical western nonsense pretending to be regulation
India knows real control
They let crypto die quietly here
Why pay for licenses when you can just ban it and move on
Singapore is just another capitalist puppet
Real power is silence
Not paperwork
Marsha Enright
December 5, 2025 AT 07:46Yessss!! This is the model we should be copying 🙌
Credit card ban? YES. 100% reserve stablecoins? YES. No more sketchy exchanges? YES.
It’s not about being ‘crypto-friendly’-it’s about being ‘investor-safe.’ And honestly? That’s way more important.
Shoutout to MAS for having backbone. Most regulators are just scared of being wrong.
PS: If you’re still using a VPN to dodge rules… maybe take a breath and just use a bank transfer 😊