Quick Facts
| Parameter | Value |
|---|---|
| Primary regulator | Monetary Authority of Singapore (MAS) |
| Primary statute | Payment Services Act 2019 (as amended 2021, 2024) |
| Crypto activity classification | Digital Payment Token (DPT) service |
| Major Payment Institution capital | SGD 250,000 |
| Standard Payment Institution capital | SGD 100,000 |
| Retail consumer protections | In force since 2024 — credit, leverage and incentive restrictions |
How crypto is regulated in Singapore
Singapore regulates crypto under the Payment Services Act 2019, administered by the Monetary Authority of Singapore. Crypto activity is classified as a Digital Payment Token (DPT) service, which sits inside the broader payment-services perimeter alongside e-money and cross-border transfers. Operators choose between a Major Payment Institution (MPI) licence for high-volume activity, a Standard Payment Institution (SPI) licence below the volume threshold, or a DPT-specific authorisation.
Retail-investor protection from 2024
MAS introduced retail-investor protection rules in 2024 that materially restrict how DPT services can be marketed and provided to retail customers. The rules cover prohibition on credit and leverage for retail crypto trading, prohibition on offering incentives such as gifts or referral bonuses, and a customer-knowledge assessment before retail onboarding. Institutional and accredited-investor activity remains lighter-touch.
Substance and fit-and-proper
MAS requires a Singapore-resident director, a Singapore-resident CEO who passes the fit-and-proper assessment, and a substantive Singapore office. Technology-audit prep is part of the application file. MAS does not authorise quickly; typical timeline is 9 to 12 months from kickoff to authorisation.
Where to go next
The Singapore regulatory framework drives a specific set of licensing options. The pages below cover the live licences and the comparable jurisdictions.
Frequently asked questions
Is crypto legal in Singapore?
Yes. Crypto is legal in Singapore and regulated under the Payment Services Act 2019. Retail provision is restricted under 2024 consumer-protection rules; institutional and accredited-investor activity is more permissive.
What is the difference between MAS MPI and SPI?
MPI is the Major Payment Institution licence for high-volume activity (capital SGD 250,000). SPI is the Standard Payment Institution licence below the volume threshold (capital SGD 100,000). DPT activity can be conducted under either depending on volumes.
How long does MAS authorisation take?
9 to 12 months from kickoff to authorisation in typical cases. Variance comes from RFI cycles and the quality of the application file at submission.
Official sources
- Monetary Authority of Singapore — Payment Services Act. www.mas.gov.sg Accessed 2026-04.
- MAS — Digital Payment Token Services. www.mas.gov.sg Accessed 2026-04.
Last updated: 2026-04. Refreshed quarterly.