Singapore has not just started regulating cryptocurrency in 2026. Specified crypto-related services have been regulated under the Payment Services Act since 28 January 2020. The framework has since expanded, most notably with customer-asset safeguards, technology-risk obligations and a separate regime for certain Singapore-based providers serving only overseas customers.
For consumers, the practical lesson is simple: MAS regulation applies to particular activities and legal entities—not automatically to every coin, exchange brand, wallet or blockchain project.
What MAS means by “cryptocurrency”
Singapore legislation generally uses the term digital payment token, or DPT, rather than cryptocurrency.
A DPT is broadly a digital representation of value that is fungible, electronically transferable, storable or tradable, and intended to function as a medium of exchange. It is not denominated in, or pegged by its issuer to, a currency. The definition also excludes money, certain financial products and some rights to receive goods or services.
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Bitcoin, Ether, Litecoin, Dash, Monero, XRP and Zcash are examples identified by Singapore’s tax authority. But the label “crypto” is not enough to determine the legal treatment. The token’s features and the service being provided matter.
Which crypto businesses need a Singapore licence?
The Payment Services Act regulates digital payment token services. Depending on the business model, these can include:
- buying or selling DPTs;
- facilitating exchanges between DPTs or between DPTs and fiat currency;
- transferring DPTs between accounts;
- providing or operating DPT accounts and wallets;
- arranging or facilitating DPT transactions; and
- specified custody-related activities.
The scope was expanded on 4 April 2024. For example, accepting DPTs for transmission between DPT accounts can fall within the regulated activity. A company may therefore need a licence even if it does not call itself a crypto exchange.
The relevant question is what the company actually does. A software developer building blockchain infrastructure is not automatically a DPT service provider. Conversely, a platform describing itself as a payments or technology company may still be carrying on a regulated DPT service.
What type of licence does a DPT provider hold?
DPT providers operate within the Payment Services Act’s payment-institution framework. The two main categories are:
| Licence category | General meaning |
|---|---|
| Standard Payment Institution | A payment institution subject to the applicable transaction and regulatory limits. |
| Major Payment Institution | A larger payment institution subject to additional requirements because of the scale or nature of its activities. |
In the MAS Financial Institutions Directory, DPT providers are listed under the activity Digital Payment Token Service. On 28 July 2026, filtering the directory by that activity showed 38 entities. That number can change, so anyone quoting it should also record the directory’s Last Updated date.
A licence belongs to a specific legal entity. It does not automatically cover the company’s parent, subsidiaries, overseas affiliates or every service offered under the same brand. One group may operate several entities with different licences.
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What a MAS licence does—and does not—tell you
A MAS licence means that the named entity is authorised for specified regulated activities. It does not mean that:
- MAS guarantees the provider;
- MAS guarantees the price or value of a token;
- the token is legal tender;
- your investment or crypto balance is risk-free;
- the company is authorised for every financial service;
- the provider’s global website is covered; or
- MAS has endorsed the provider as an investment.
Singapore’s authorities have repeatedly warned that cryptocurrencies are not legal tender and that investors can lose all of their money.
There can also be more than one relevant law. A provider dealing in tokenised securities, derivatives, collective-investment-scheme interests or other capital-markets products may need a Capital Markets Services licence in addition to, or instead of, a DPT licence. Depending on the service, the Securities and Futures Act, Financial Advisers Act or Payment Services Act may apply.
The overseas-customer regime introduced in 2025
A significant change took effect on 30 June 2025. A digital-token service provider based in Singapore that serves only customers outside Singapore in relation to DPTs or tokens representing capital-markets products must obtain a licence under the Financial Services and Markets Act 2022.
MAS said the licensing threshold would be high and that it would generally not issue licences for this business model. Its concern was that activity conducted for overseas customers can create money-laundering risks while limiting MAS’s ability to supervise the substantive business.
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The change also does not prevent a provider already licensed to serve Singapore customers from serving customers abroad, subject to the conditions of its existing licence.
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The new regime generally does not cover tokens used only as utility or governance tokens. That does not make every utility or governance token safe or unregulated under every other law; classification depends on the token and activity.
Stablecoins are not automatically approved
MAS has a separate framework for qualifying single-currency stablecoins, including stablecoins denominated in Singapore dollars or another currency.
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To qualify for the relevant regulated status, the token and issuer must satisfy the applicable requirements. These address issues such as:
- the composition and custody of reserve assets;
- capital requirements;
- redemption at par value;
- disclosures;
- audit and attestation; and
- timely redemption.
A stablecoin’s name, marketing, claimed reserves or exchange listing does not by itself make it an MAS-regulated stablecoin. The issuer’s authorisation and the token’s compliance with the framework must both be considered.
How Singapore protects—or limits—retail customers
Singapore has not imposed a blanket ban on retail crypto trading. Licensed providers can serve retail customers, but MAS takes a deliberately cautious approach to retail speculation.
Guidance issued on 17 January 2022 told DPT service providers not to promote crypto services to the general public in ways that trivialise the risks of trading. The guidance restricts public-facing promotional channels and discourages advertising through public spaces, third parties and influencers.
MAS revised its Guidelines on Provision of Consumer Protection Safeguards by Digital Payment Token Service Providers on 19 September 2024. The revised guidance includes measures affecting retail customer access and incorporates safeguards developed through MAS’s earlier consultation process.
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These measures should not be confused with a government guarantee. Crypto prices can remain highly volatile, and customers may still lose their entire investment.
Customer assets and custody requirements
Older descriptions of Singapore’s crypto regime sometimes say that it has no customer-asset or custody requirements. That is no longer accurate.
The Payment Services Regulations 2019 now contain Division 2A, titled “Additional requirements in respect of licensee providing digital payment token service.” The current revised regulations were published on 16 December 2025. Regulations 18A to 18J address matters including:
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- safeguarding arrangements;
- trust accounts;
- records;
- operational requirements;
- calculation of customer assets; and
- offences.
These rules are important, but they do not eliminate exchange failure, cyberattack, fraud, market or counterparty risk. Consumers should still check how a provider holds assets, what happens during withdrawals and which legal entity is their contractual counterparty.
Technology and cybersecurity obligations
DPT licensees are also subject to MAS technology-risk requirements. MAS Notice PSN05—Notice on Technology Risk Management applies to Payment Services Act licensees carrying on DPT services.
The notice covers areas including:
- critical systems;
- technology-risk management;
- cyber hygiene;
- customer-information security;
- IT-security incident reporting; and
- system-malfunction reporting.
PSN05 was last revised on 6 February 2024, with amendments taking effect on 6 November 2024. These obligations improve the provider’s regulatory duties, but they are not a promise that the platform will never be hacked or become unavailable.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.How to check whether a crypto provider is licensed
Do not rely only on an exchange’s logo, press release or “MAS regulated” wording. Check the exact entity in the MAS Financial Institutions Directory.
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- Open the MAS Financial Institutions Directory.
- Under Activity/Business Type, select Digital Payment Token Service.
- Open the relevant institution’s entry.
- Check the exact legal name, licence type and status, listed activity, address, website and Last Updated date.
Pay particular attention to the legal name. “Company A Singapore Pte. Ltd.” may be licensed while the similarly branded overseas company that holds your account is not. Also distinguish a full licence from an old in-principle approval or an announcement that an application has been submitted.
Common misconceptions
| Claim | What is more accurate |
|---|---|
| “MAS has only just started regulating crypto.” | Specified DPT services have been regulated since 28 January 2020. |
| “Every cryptocurrency is regulated.” | Coverage depends on the token, service and activity. |
| “A MAS licence guarantees my money.” | It authorises specified activities; it is not an investment or value guarantee. |
| “One licence covers an entire exchange group.” | The licence belongs to the named legal entity and listed activities. |
| “MAS bans retail crypto trading.” | Licensed providers may serve retail customers, subject to safeguards and promotion restrictions. |
| “Every overseas exchange needs a Singapore licence.” | The 2025 regime targets specified digital-token services conducted from Singapore for overseas customers. |
| “A reserve-backed stablecoin is automatically approved.” | Only qualifying tokens and issuers meeting the MAS framework receive the relevant regulated status. |
FAQ
Is cryptocurrency legal in Singapore?
Cryptocurrency is not legal tender, but buying, selling and holding crypto is not subject to a blanket prohibition. Specified services provided by businesses—such as dealing in or facilitating exchanges of digital payment tokens—are regulated and may require a MAS licence.
Does MAS regulate Bitcoin and Ether?
Bitcoin and Ether are examples of tokens that can fall within Singapore’s digital payment token framework. MAS regulates the relevant services and service providers, not the token’s price or every personal use of the token.
Does a MAS licence make a crypto exchange safe?
No. A licence indicates that a named legal entity is authorised for specified activities and must meet regulatory requirements. It does not guarantee customer balances, investment returns, withdrawals, token prices or protection from fraud and hacking.
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Licensed DPT providers may serve retail customers, although MAS imposes consumer-protection requirements and restricts how crypto services can be promoted to the public.
How can I verify a crypto company’s MAS licence?
Search the exact legal entity in the MAS Financial Institutions Directory, filter Activity/Business Type to Digital Payment Token Service, and check the licence status, listed activity, website and Last Updated date.
The Bottom Line
Singapore’s position is not that every cryptocurrency has been approved or that every crypto company is supervised. Since 28 January 2020, MAS has regulated specified digital payment token services, with the framework expanded in 2024 and 2025.
Before depositing money, verify the exact legal entity in the MAS directory and confirm what its licence covers. Treat the licence as a regulatory status—not a guarantee that your crypto is safe, valuable or recoverable.
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Regulatory information changes. This article reflects the verified position as of 8 August 2026 and is not personal financial or legal advice.
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