Your Gateway to Crypto Licensing in Singapore
Secure Your Crypto License with MAS Supervision
Unlock the potential of your crypto business with a Singapore crypto license. Benefit from the robust regulatory framework under the Monetary Authority of Singapore (MAS) and position your company in a leading global fintech hub.
Understanding Singapore's Crypto Regulation
Navigating the Payment Services Act (PSA)
The Payment Services Act (PSA) is a comprehensive regulatory framework governing payment services, including Digital Payment Token (DPT) services in Singapore. Under the PSA, crypto companies must secure a license from the Monetary Authority of Singapore (MAS) to operate legally. This ensures adherence to stringent Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) standards, safeguarding investor interests and maintaining market integrity.
Digital Payment Token (DPT) services encompass a range of activities involving cryptocurrencies, which are regulated to ensure transparency and security. Companies engaging in DPT services must comply with MAS regulations, which include rigorous compliance measures and investor protection protocols. Singapore’s regulatory environment is designed to foster innovation while upholding high standards of financial stability and consumer protection.
Types of Crypto Licenses in Singapore
Money-Changing License
Standard Payment Institution (SPI) License
Major Payment Institution (MPI) License
Transaction Thresholds for SPI
Transaction Thresholds for MPI
Eligibility for Money-Changing License
Application Process for SPI License
Application Process for MPI License
Compliance Requirements for Money-Changing License
Compliance Requirements for SPI License
Compliance Requirements for MPI License
Capital Requirements for SPI
Capital Requirements for MPI
Local Office Requirements
Director and Shareholder Criteria
Appointment of Compliance Officer
AML/CFT Policy Requirements
Ongoing Reporting Obligations
Crypto License Requirements
Company Incorporation
Establish a Singapore-incorporated entity to meet local regulatory standards.
Ensure the company is registered with ACRA and complies with Singapore’s corporate laws.
Appoint at least two directors, with one being a Singapore resident.
Maintain a registered office in Singapore to establish a local presence.
Ensure the company has a robust governance structure in place.
Capital Requirements
Meet the minimum capital requirement of SGD 100,000 for SPI licenses.
For MPI licenses, maintain a minimum capital of SGD 250,000.
Ensure capital adequacy to support business operations and risk management.
Regularly assess capital levels to comply with MAS requirements.
Submit financial statements to demonstrate capital compliance.
Local Office and Substance
Establish a physical office space in Singapore for operational activities.
Employ local staff to manage day-to-day operations and compliance tasks.
Implement IT infrastructure to support business functions and data security.
Ensure the office is equipped to handle regulatory audits and inspections.
Maintain adequate resources to support business continuity.
Compliance Obligations
Appoint a Compliance Officer and an AML Officer to oversee regulatory adherence.
Develop and implement AML/CFT policies aligned with MAS guidelines.
Conduct regular risk assessments to identify and mitigate potential threats.
Ensure ongoing compliance with MAS notices and circulars.
Prepare for periodic audits and submit compliance reports to MAS.
Directors and Shareholders
Ensure directors and shareholders meet the fit-and-proper criteria set by MAS.
Maintain transparency in shareholder structures and beneficial ownership.
Regularly update MAS on any changes in directorship or shareholding.
Ensure directors have relevant experience in financial services.
Conduct background checks on all key personnel involved in the business.
Risk Management and Controls
Implement robust risk management frameworks to address operational risks.
Establish cybersecurity measures to protect client data and transactions.
Develop internal controls to ensure compliance with regulatory standards.
Regularly review and update risk management policies and procedures.
Ensure all staff are trained in risk management and compliance practices.
Ongoing Reporting and Audit
Submit regular financial and compliance reports to MAS.
Prepare for annual audits conducted by independent auditors.
Ensure timely submission of audit findings and compliance updates.
Maintain accurate records of all business transactions and communications.
Address any audit findings promptly to ensure regulatory compliance.
Additional Considerations
Stay informed about changes in regulatory requirements and industry trends.
Engage with legal and compliance experts to ensure ongoing adherence.
Participate in industry forums and discussions to remain competitive.
Foster a culture of compliance and ethical business practices.
Regularly review business strategies to align with regulatory expectations.
Roadmap to Crypto License
Stage 1: Company Incorporation
Complete the incorporation process in Singapore within 1–2 weeks.
Stage 2: Regulatory Assessment
Conduct a thorough assessment and develop a license strategy in 2–3 weeks.
Stage 3: Policy Preparation
Prepare compliance manuals and business plans over 4–6 weeks.
Required Documents for MAS Application
Corporate Documents
Include the Certificate of Incorporation and Memorandum & Articles of Association.
Shareholder and UBO Disclosures
Provide details of all shareholders and ultimate beneficial owners.
Business Plan
Submit a comprehensive business plan outlining the company’s objectives.
Financial Projections
Include detailed financial forecasts for the next three years.
AML/CFT Manuals
Provide anti-money laundering and counter-terrorism financing manuals.
Risk Assessment Manuals
Submit risk assessment frameworks and mitigation strategies.
Technology Architecture
Describe the technology infrastructure and data security measures.
Custody Model Description
Outline the custody arrangements for digital assets and client funds.
Common Questions About Crypto Licensing in Singapore
Explore answers to frequently asked questions about obtaining a crypto license in Singapore, including timelines, compliance, and regulatory requirements.
How long does it take to obtain a crypto license in Singapore?
The process typically takes between 6 to 12 months, depending on the complexity of your application and the responsiveness of the Monetary Authority of Singapore (MAS).
What is the difference between SPI and MPI licenses?
The Standard Payment Institution (SPI) license is for businesses with lower transaction volumes, while the Major Payment Institution (MPI) license is for those exceeding certain thresholds.
Can foreign shareholders own 100% of the company?
Yes, foreign shareholders can own 100% of a Singapore-incorporated company, but certain local requirements must be met.
Is a local director required for a crypto license?
Yes, at least one director must be a Singapore resident to meet local regulatory requirements.
What ongoing compliance obligations apply after licensing?
License holders must adhere to ongoing compliance obligations, including regular audits, reporting, and maintaining robust AML/CFT policies.
Is Singapore suitable for global crypto exchanges?
Singapore is an ideal location for global crypto exchanges due to its strong regulatory framework and status as a financial hub.
What are the capital requirements for SPI and MPI licenses?
SPI licenses require a minimum paid-up capital of SGD 100,000, while MPI licenses require SGD 250,000.
What documents are needed for the MAS application?
Applicants must submit corporate documents, shareholder disclosures, a business plan, and AML/CFT manuals, among others.
How does MAS assess crypto license applications?
MAS evaluates applications based on the applicant’s business model, risk management policies, and compliance with regulatory standards.
Official Authorities & Regulatory Links
1. Monetary Authority of Singapore (MAS)
Main regulator for crypto / Digital Payment Token (DPT) licenses
2. Payment Services Act (PSA)
Legal framework governing crypto, payment services, and DPT providers
🔗 https://www.mas.gov.sg/regulation/acts/payment-services-act
3. MAS – Digital Payment Token (DPT) Services Overview
Explains which crypto activities require licensing
🔗 https://www.mas.gov.sg/regulation/explainers/payment-services-act
4. MAS Notices on AML/CFT (Mandatory for Crypto Companies)
Core compliance obligations for VASP / crypto license holders
🔗 https://www.mas.gov.sg/regulation/notices
(especially MAS Notice PSN02 and related AML/CFT guidelines)
5. MAS Guidelines on Licensing for Payment Service Providers
Detailed expectations for SPI & MPI applicants
🔗 https://www.mas.gov.sg/regulation/guidelines
6. Accounting and Corporate Regulatory Authority (ACRA)
Company incorporation authority (mandatory before license application)
7. ACRA – Singapore Company Incorporation Portal
For setting up a local entity required for crypto licensing
8. MAS FinTech & Innovation Page
Relevant for crypto, Web3, and fintech applicants
🔗 https://www.mas.gov.sg/development/fintech
9. MAS Enforcement & Licensing Status Search
To verify licensed or exempt crypto service providers
🔗 https://www.mas.gov.sg/regulation/financial-institutions-directory
Official Authorities & Regulatory Links – Singapore Crypto License
1. Monetary Authority of Singapore (MAS)
Main regulator for crypto / Digital Payment Token (DPT) licenses
2. Payment Services Act (PSA)
Legal framework governing crypto, payment services, and DPT providers
🔗 https://www.mas.gov.sg/regulation/acts/payment-services-act
3. MAS – Digital Payment Token (DPT) Services Overview
Explains which crypto activities require licensing
🔗 https://www.mas.gov.sg/regulation/explainers/payment-services-act
4. MAS Notices on AML/CFT (Mandatory for Crypto Companies)
Core compliance obligations for VASP / crypto license holders
🔗 https://www.mas.gov.sg/regulation/notices
(especially MAS Notice PSN02 and related AML/CFT guidelines)
5. MAS Guidelines on Licensing for Payment Service Providers
Detailed expectations for SPI & MPI applicants
🔗 https://www.mas.gov.sg/regulation/guidelines
6. Accounting and Corporate Regulatory Authority (ACRA)
Company incorporation authority (mandatory before license application)
7. ACRA – Singapore Company Incorporation Portal
For setting up a local entity required for crypto licensing
8. MAS FinTech & Innovation Page
Relevant for crypto, Web3, and fintech applicants
🔗 https://www.mas.gov.sg/development/fintech
9. MAS Enforcement & Licensing Status Search
To verify licensed or exempt crypto service providers
🔗 https://www.mas.gov.sg/regulation/financial-institutions-directory
Request a Consultation Today
Are you ready to navigate the complexities of obtaining a crypto license in Singapore? Our expert team at Finance Services is here to guide you every step of the way. Request a consultation today to discuss your needs and explore how we can assist you in achieving compliance and securing your license efficiently.