Quick Facts
| Parameter | Value |
|---|---|
| Regulator | Monetary Authority of Singapore (MAS) |
| License types | MPI License · SPI License · Digital Payment Token (DPT) Service |
| Minimum capital | MPI: SGD 250,000 · SPI: SGD 100,000 |
| Typical timeline | 9–12 months |
| Corporate tax | 17% |
| Region | APAC |
Why Singapore?
- Asia’s most credible crypto licensing brand;
- Common-law jurisdiction in English;
- Three-tier structure (MPI / SPI / DPT) fits different volumes;
- Banking and counterparty access strongest in APAC.
PSA framework. Resident director and CEO fit-and-proper required.
License types available in Singapore
| License | Regulator | Timeline | Capital |
|---|---|---|---|
| MAS MPI License | MAS | 9–12 months | SGD 250,000 |
| MAS SPI License | MAS | 6–9 months | SGD 100,000 |
| MAS DPT License | MAS | 9–12 months | SGD 100,000–250,000 depending on tier |
Requirements for a Singapore crypto license
Every Singapore crypto application turns on six pillars. Get them right and the regulator interaction becomes routine; get them wrong and you spend the next six months in RFI cycles.
- A locally-registered company with a clear corporate structure and identified ultimate beneficial owners;
- A resident director and a Money Laundering Reporting Officer (MLRO) familiar with Singapore compliance practice;
- An AML/KYC programme calibrated to Monetary Authority of Singapore (MAS) expectations, including transaction monitoring rules and FATF Travel Rule readiness;
- A demonstrable office presence — physical address, document retention policies and incident response plan documented;
- Capital evidence consistent with the regime: MPI: SGD 250,000 · SPI: SGD 100,000;
- A clean source-of-funds and source-of-wealth file for all controllers, with supporting documentation.
Step-by-step process for a Singapore crypto license
- Strategy and gap analysis. We map your business model to the available licence categories at Monetary Authority of Singapore (MAS) and identify the gaps before any regulator interaction.
- Incorporation and substance setup. Local entity formation, resident-director arrangement, registered office and AML officer appointment are completed in parallel to save weeks on the timeline.
- AML / KYC programme drafting. Transaction monitoring rules, sanctions screening, KYB onboarding flow, MLRO reporting matrix and Travel Rule provider selection are documented to regulator-grade standard.
- Application file and submission. The application file is built to the actual reading list of Monetary Authority of Singapore (MAS) examiners — not a generic template — and submitted with a covering memo addressing the most common RFI triggers.
- Regulator engagement and RFI cycles. We respond to Requests for Information within published service-level windows and brief you weekly on engagement progress.
- Approval and onboarding. On approval, the post-licence onboarding sprint covers banking, payment rails, audit firm appointment, and the first annual return calendar.
- Ongoing supervision. Annual reporting, AML programme refresh, MLRO appointments and material change notifications are calendared and monitored.
Costs breakdown
Total first-year all-in cost combines four lines: regulator fee, statutory capital tied up unproductively, legal fees, and substance (resident director, office, AML officer, technology audit). Ongoing supervision sits on top from year two onwards. We model three-year total cost upfront so the budget is realistic.
| Cost line | Indicative range |
|---|---|
| Regulator fee | Confirmed in writing at engagement |
| Statutory capital | MPI: SGD 250,000 · SPI: SGD 100,000 |
| Legal fees | Fixed-scope quote at kickoff |
| Substance (year 1) | Resident director, office, AML officer |
| Ongoing supervision (year 1+) | Annual audit, returns, AML refresh |
Taxation
The corporate tax position in Singapore is 17%. Tax is structuring-dependent — the headline rate is rarely the rate a properly-structured group ends up paying. Tax advice is provided in cooperation with locally-admitted tax counsel and is scoped separately from the licensing engagement.
Documents required
- Certificate of incorporation, articles, shareholder register and group ownership chart;
- UBO identification — passports, addresses, source-of-funds and source-of-wealth documentation for all controllers;
- Director and senior-management CVs, regulatory references, fit-and-proper questionnaires;
- Business plan with three-year financial projections and stress-tested assumptions;
- AML/KYC policy pack — programme manual, risk assessment, transaction-monitoring rules, sanctions-screening procedure, MLRO appointment and reporting matrix;
- Technology architecture description — wallet model, custody segregation, key management, incident-response plan, cybersecurity certifications;
- Lease and proof of substantive office in Singapore where applicable.
Our experts for Singapore
Layla A. Hassan
Partner — Head of MENA & APAC
Founding partner since 2019. Seven years in-house at a top-three UAE crypto exchange and at a leading Dubai law firm before that.
- JD, University of Cambridge
- Admitted DIFC Courts
- Admitted Singapore
- Cambridge Centre for Alternative Finance — Crypto Working Group
Client testimonials — Singapore
MAS does not licence quickly and does not licence loosely. The team prepared us for both. Eleven months from kickoff to MPI licence — fast for the regime. The technology audit prep was particularly thorough.
They steered us toward a Standard Payment Institution licence rather than MPI given our volume profile. Lower capital requirement, faster approval, fully fits our business. Strategic advice that saved us a year.
MAS application process is documentation-heavy. The team’s templates and policy library cut our preparation time substantially. Communication during the long quiet phases of MAS review could have been more proactive, but the work was excellent.
Layla’s team navigated MAS’s resident-director and CEO fit-and-proper requirements — including sourcing the right candidates. That alone is worth the engagement fee.
Frequently asked questions
How long does it take to get a crypto license in Singapore?
Crypto licensing in Singapore typically takes 9–12 months from kickoff to authorisation under Monetary Authority of Singapore (MAS). The variance comes from RFI cycles and the quality of the application file at submission, not the published schedule.
What is the minimum capital for a crypto license in Singapore?
Minimum capital for a crypto license in Singapore is MPI: SGD 250,000 · SPI: SGD 100,000. Capital is one input — substance, governance and AML programme quality usually drive the application outcome more than the capital line on its own.
Who is the regulator for crypto in Singapore?
Crypto activity in Singapore is supervised by Monetary Authority of Singapore (MAS). The available licence categories are: MPI License, SPI License, Digital Payment Token (DPT) Service. Each licence covers different activities — choosing the right one is part of the upfront strategy work.
Do I need a local director or office in Singapore?
Most Singapore crypto regimes require a resident director, an appointed MLRO and a substantive local office. Substance is non-cosmetic — regulators audit it, and a paper presence will fail at the first examination.
What is the corporate tax rate for a crypto company in Singapore?
The corporate tax position in Singapore is 17%. Tax is structuring-dependent — the headline rate is rarely the rate a properly-structured group ends up paying. Tax advice is provided in cooperation with locally-admitted tax counsel.
Can Singapore be combined with another crypto licence in a multi-jurisdictional structure?
Yes. Most live operators run a primary licence (typically VARA, MPI, VATP or FCA) plus a secondary onshore wrapper or offshore foundation. Singapore is most commonly combined with an offshore foundation for token issuance.