How is crypto regulated in Singapore?

Crypto regulation in Singapore is built on licensing. The Monetary Authority of Singapore (MAS), the country's central bank and financial regulator, licenses crypto businesses and sets rules on how they treat customers. Owning crypto is legal. Running a crypto business without a license is not. This summary reflects the position as of October 2026.

How do crypto laws in Singapore work?

Singapore calls crypto "digital payment tokens," or DPTs. Trading platforms and other DPT services fall under the Payment Services Act, and providers must hold a MAS license.

MAS says its main concern has been money laundering and terrorism financing. Licensed firms must check customers' identities, monitor transactions and report suspicious activity to the Commercial Affairs Department. These checks follow the global standards described in crypto anti-money-laundering rules.

MAS also runs public campaigns on the risks of crypto investing, and on scams and money mules. It says it will keep updating its rules as the market changes.

What protections does Singapore give retail crypto investors?

MAS announced a set of consumer protection measures in November 2023, with guidelines and a transition period to follow. Under them, licensed firms must:

• Test risk awareness. Retail customers must pass an assessment of whether they understand crypto risks before trading.
• Drop incentives. Firms cannot offer retail customers or their referrers rewards such as sign-up bonuses or fee rebates.
• Refuse credit cards. Locally issued credit and charge cards cannot be used to buy crypto.
• Avoid leverage. Borrowed or leveraged crypto trading is restricted for retail customers.

The rules also require firms to keep functions such as running a market and trading for themselves separate, to limit conflicts of interest, according to the law firm Linklaters.

What is Singapore's DTSP licensing regime?

A newer layer of the Singapore crypto framework covers digital token service providers (DTSPs). It sits under the Financial Services and Markets Act 2022 and took effect on June 30, 2025.

It targets firms based in Singapore that serve only customers abroad. Before, such firms could fall outside the licensing net. Now any Singapore company, or person operating from Singapore, that provides these services needs a license, even with no local clients.

MAS has said it will grant these licenses only in "extremely limited circumstances," citing money laundering risks from cross-border online services, Reed Smith reported. There was no transition period, so unlicensed firms had to stop by the deadline. Licensees need at least S$250,000 in base capital, a Singapore-based compliance officer and annual audits, and pay a S$10,000 yearly fee.

For how Singapore compares with Japan, Hong Kong and the EU, see crypto regulation around the world. A license does not mean the platform is safe from losses, as explained in is crypto insured.

Rules differ by country and change often. Check the regulator's website or a qualified professional for your own situation.