COREDO > Crypto Licence in Singapore

Crypto Licence in Singapore

Singapore is among the world’s leading jurisdictions for conducting cryptocurrency business. The state was one of the first in the Asia-Pacific region to implement comprehensive regulation of digital assets at the national level, creating a transparent and predictable legal environment for companies working with cryptocurrencies. The regulator is the Monetary Authority of Singapore (MAS) — the country’s central bank and unified financial regulator.

COREDO has been operating in the legal and compliance services market since 2016 and assists clients in navigating the DPT service licensing process in Singapore, providing support at every stage — from business model assessment to obtaining the MAS licence.

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Cost of the service
from 55 000 EUR

Regulatory Framework for Cryptocurrency Activities in Singapore

Cryptocurrency activities in Singapore are governed by several key legislative acts. The Payment Services Act 2019 (PSA) is the primary law defining seven categories of payment services, including DPT services. The act establishes licensing requirements, AML/CFT obligations and consumer protection standards.

The Securities and Futures Act (SFA) regulates tokens that are securities by nature. If a digital asset is classified as a security token, its issuer and intermediaries fall under the SFA and are required to obtain the corresponding licence from MAS.

The Financial Services and Markets Act 2022 (FSMA), effective from June 2025, introduces an additional licensing regime for Digital Token Service Providers (DTSP) — companies registered in Singapore that provide digital token services to clients abroad.

MAS also issues guidelines and circulars regulating specific aspects of operations: technology risks, cybersecurity, anti-money laundering and countering the financing of terrorism. In August 2023, a regulatory framework for stablecoins pegged to the Singapore dollar or G10 group currencies was approved, requiring full reserve backing.

Types of Crypto Licences in Singapore

To provide DPT services in Singapore, a company must obtain a payment institution licence. MAS provides two main licence types:

Standard Payment Institution (SPI)

a licence for companies whose transaction volumes do not exceed the established thresholds: SGD 3 million in monthly transactions for a single type of payment service, or SGD 6 million for two or more types. The minimum base capital is SGD 100,000.

Major Payment Institution (MPI)

a licence for companies exceeding the SPI thresholds. The minimum base capital is SGD 250,000. The MPI licence entails stricter requirements for risk management, internal control systems and reporting to MAS. An obligatory security deposit of at least SGD 100,000 is also required for MPI holders.

DPT services subject to licensing include: buying and selling digital payment tokens, exchanging DPT for other DPT, providing platforms for DPT trading, custody of DPT on behalf of clients, and transferring DPT.

COREDO provides assistance in obtaining the SPI licence, which includes authorisation for cryptocurrency operations (DPT services) alongside other types of payment services.

Advantages of Obtaining a Crypto Licence in Singapore

Licensing in Singapore provides businesses with significant competitive advantages.

High international prestige of the jurisdiction.

MAS is recognised as one of the world’s leading financial regulators, and an MAS licence substantially enhances trust from counterparties, banks and investors.

Favourable tax regime.

Singapore has no capital gains tax, which is particularly beneficial for cryptocurrency companies. The corporate tax rate is 17% with progressive incentives for startups. DPT transactions have been exempt from GST (goods and services tax) since 2020.

Developed financial and technological infrastructure.

Singapore is a global financial centre with access to banking services, investors and a pool of qualified fintech professionals.

Well-designed regulatory environment.

MAS applies a flexible yet consistent approach to regulation, ensuring a balance between consumer protection and support for innovation. The government actively promotes the development of the fintech industry through grants and support programmes.

Strategic location.

Singapore provides access to the fast-growing markets of Southeast Asia, making the jurisdiction an attractive entry point for companies planning regional expansion.

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Cost of COREDO Services for Obtaining a Crypto Licence in Singapore

The cost of comprehensive support for obtaining an SPI licence with the right to provide DPT services in Singapore starts from EUR 55,000 + VAT. The package includes the full application preparation and submission cycle: analysis and structuring of the business model, preparation of the complete document package, development of internal AML/CFT policies, interaction with MAS at all stages of the application review, and advisory support.

The final cost may vary depending on the complexity of the project, the corporate group structure and the range of payment service types requested. The exact cost is determined following a preliminary project assessment.

Payment Terms

Payment for COREDO services for obtaining a crypto licence in Singapore is made in stages.

The first payment is due before the commencement of preparatory work and covers the business model analysis and application strategy formulation stage.
The second payment is due before the application is submitted to MAS, following the completion of document preparation.
The third payment is due upon receipt of a positive decision from the regulator.

The specific payment schedule is agreed individually for each project.

Requirements for Licence Applicants

MAS imposes a number of mandatory requirements on companies applying for a payment institution licence with DPT services.

The company must be registered in Singapore as a legal entity.

The board of directors must include at least one executive director who is a Singapore resident (citizen or permanent resident).

All directors, the chief executive officer and major shareholders (holding 20% or more) are required to undergo MAS assessment against the “fit and proper” criteria — an evaluation of business reputation, integrity and competence.

The company must have base capital of no less than SGD 100,000 (for SPI) or SGD 250,000 (for MPI) and maintain an office in Singapore.

The company must appoint a compliance officer based in Singapore, responsible for fulfilling AML/CFT requirements.

The company is required to implement a technology risk management system, ensure cybersecurity and develop a business continuity plan.

Additionally, compliance with the Travel Rule for cross-border DPT transfers is mandatory.

List of Documents for Licence Application

To submit an application to MAS, the following document package must be prepared: incorporation documents (Certificate of Incorporation, Memorandum and Articles of Association); a detailed business plan describing the operating model, target markets and three-year projections; AML/CFT policies and procedures, including customer identification (CDD/KYC), transaction monitoring and suspicious transaction reporting (STR) programmes.

Also required are: a Technology Risk Management Framework; audited financial statements or confirmation of base capital; CVs and qualification documents for directors, the CEO and the compliance officer; information on the company’s shareholding structure indicating the ultimate beneficial owners; confirmation of source of funds; a business continuity plan and disaster recovery plan; a custody policy for client assets and a description of user protection measures.

MAS may request additional documents during the review process depending on the specifics of the company’s activities.

Procedure for Obtaining a Crypto Licence in Singapore

The licensing procedure consists of several sequential stages.

Pre-assessment is conducted (1–2 weeks).

COREDO analyses the client’s business model, determines the optimal licence type and formulates the application strategy.

01

Documentation is prepared (2–3 months).

Compilation of the full document package, development of internal AML/CFT policies, preparation of the business plan and organisational structure.

02

Submitting the application to MAS.

The application is filed through the MAS online system together with the complete set of supporting documents.

03

MAS reviews the application (6–12 months)/

Which includes document verification, compliance assessment and typically several rounds of questions and requests for additional information. The average application review period is approximately 12 months, although it may vary depending on the complexity of the project and the completeness of the documents submitted.

04

Licence issuance and commencement of operations.

Following MAS approval, the company fulfils any final conditions (if applicable) and begins providing licensed services.

05

Our Experts

The COREDO team has practical experience in supporting licensing projects in Singapore and other jurisdictions.

Pavel Kos

Head of Legal. Has been working at COREDO since 2017, specialising in financial licensing and corporate law. Coordinates the preparation of licence applications and interaction with regulators.

Basang Ungunov

Lawyer. Specialises in legal support for cryptocurrency and financial companies, preparation of legal opinions and regulatory documentation.

Frequently Asked Questions

What type of licence is required for cryptocurrency activities in Singapore?

To provide DPT services (buying, selling, exchanging, custody of digital payment tokens), it is necessary to obtain a Standard Payment Institution (SPI) or Major Payment Institution (MPI) licence depending on transaction volumes. SPI is suitable for companies with a monthly turnover of up to SGD 3 million per service type.

What is the minimum capital required to obtain a licence?

For an SPI licence, the minimum base capital is SGD 100,000 (approximately EUR 68,000). For an MPI licence — SGD 250,000 (approximately EUR 170,000). MAS also expects the company to hold sufficient capital above the minimum to cover operational expenses.

How long does it take to obtain a licence in Singapore?

The average MAS application review period is 6 to 12 months. Including the document preparation stage, the total project timeline is approximately 9–15 months. Timelines depend on the completeness of documents and the complexity of the business model.

Is it mandatory to have an office in Singapore?

Yes, MAS requires a physical office in Singapore. Furthermore, the company must have a compliance officer based in Singapore and at least one Singapore resident on the board of directors.

What are the tax advantages for cryptocurrency companies in Singapore?

Singapore has no capital gains tax. DPT transactions are exempt from GST. The corporate tax rate is 17%, with incentives for startups: the first SGD 100,000 of taxable income is taxed at a reduced rate during the first three years.

What is the DTSP licence and is it required?

From June 2025, companies registered in Singapore that provide digital token services to clients outside the country are required to obtain a DTSP licence under the Financial Services and Markets Act 2022 (FSMA). If your activities are directed at clients within Singapore, an SPI or MPI licence is sufficient.

Does MiCA apply to Singapore?

No, MiCA (Markets in Crypto-Assets Regulation) is a European regulation applicable only in EU Member States. Singapore has its own regulatory system based on the PSA and FSMA. However, many principles (AML/CFT, consumer protection, capital requirements) are similar.

Can COREDO assist with company registration and opening an account in Singapore?

Yes, COREDO provides a full range of services: company registration in Singapore, assistance with opening a corporate bank account, and licensing. An integrated approach allows for optimising timelines and ensuring consistency across all stages.

Get a Consultation

Obtaining a crypto licence in Singapore is a complex, multi-stage process that requires a thorough understanding of MAS requirements and meticulous document preparation. COREDO specialists are ready to conduct a preliminary assessment of your project and propose an optimal licensing strategy.