Singapore

Regulated Partly Confirmed Verified August 24, 2026

MAS regulates digital payment token services under the Payment Services Act and certain overseas digital-token services under the Financial Services and Markets Act.

Monetary Authority of Singapore

Total Laws (incl. applicable EU-wide)

Effective Laws

At a Glance

Is holding crypto allowed?

Allowed

Is crypto trading allowed?

Regulated

Is P2P trading allowed?

Regulated

Are crypto payments allowed?

Regulated

Is crypto legal tender?

Is mining allowed?

Allowed

Is staking allowed?

Regulated

Is DeFi participation allowed?

Regulated

Are stablecoins allowed or regulated?

Regulated

Activity Status Matrix

Activity	Status	Details
Holding Crypto	Allowed	Is holding crypto allowed?
Crypto Trading	Regulated	Is crypto trading allowed?
P2P Trading	Regulated	Is P2P trading allowed?
Crypto Payments	Regulated	Are crypto payments allowed?
Legal Tender	No	Is crypto legal tender?
Mining	Allowed	Is mining allowed?
Staking	Regulated	Is staking allowed?
DeFi	Regulated	Is DeFi participation allowed?
Stablecoins	Regulated	Are stablecoins allowed or regulated?
NFTs	Regulated	Are NFTs allowed or regulated?
Token Launches	Regulated	Are token launches allowed?
Crypto Advertising	Restricted	Is crypto advertising allowed?
Banking Access	Regulated	Do crypto businesses have banking access?

Regulation Overview

Singapore regulates crypto according to the service and token. Digital payment token services such as dealing, exchange and transfer are regulated under the Payment Services Act. The Financial Services and Markets Act extends licensing to Singapore-based digital token service providers that serve customers outside Singapore, with a high threshold for licensing. Capital-markets products and security tokens fall under securities law. MAS restricts public promotion of DPT services and emphasises that retail cryptocurrency trading is risky. Singapore also has a regulated stablecoin framework for qualifying single-currency stablecoins issued in Singapore.

Tax Information

Singapore has no standalone capital-gains tax. Gains that are revenue in nature or arise from a trade or business are taxable. Qualifying digital payment token supplies receive specific GST treatment.

Individual Tax Treatment

A long-term personal investment gain is generally not taxed as a capital gain, but frequent or commercial trading can be taxable income. Tokens received for services, mining, staking or employment can be taxable based on facts.

Business Tax Treatment

Businesses are taxed on revenue gains from digital-token activities and may deduct qualifying expenses. From 1 January 2020, exchange of qualifying DPTs and specified DPT supplies are exempt or disregarded for GST as set out by IRAS.

Inland Revenue Authority of Singapore

Business & Licensing

DPT service providers require the relevant MAS payment-services licence. Singapore-based providers serving only overseas customers may require a DTSP licence under the FSMA. Capital-markets activities require separate authorisation.

AML / KYC Requirements

Licensed providers must conduct customer due diligence, screening, monitoring, recordkeeping, suspicious-transaction reporting and travel-rule compliance.

Primary Regulator

Monetary Authority of Singapore

mas.gov.sg

Crypto Laws & Regulations in Singapore

Acteffective

Singapore DTSP Regime

Financial Services and Markets Act digital token service provider regime

Published: June 30, 2025Effective: June 30, 2025Ref: FSMA Part 9

Regulates Singapore-based digital-token service providers that serve customers outside Singapore.

LicensingAML/KYC

Official Source

Acteffective

Singapore Payment Services Act DPT Regime

Payment Services Act 2019 – Digital Payment Token Service

Published: February 11, 2019Effective: January 28, 2020Ref: PS Act 2019

Regulates dealing in and facilitating exchange of digital payment tokens and related services.

LicensingPaymentsAML/KYCExchanges

Official Source

Acteffective

Financial Services and Markets Act 2022 — Part 9 Digital Token Service Providers

Financial Services and Markets Act 2022 (No. 28 of 2022) — Part 9

Ref: No. 28 of 2022, Part 9

Part 9 of the Financial Services and Markets Act 2022 extends Singapore's regulatory oversight to Singapore-incorporated digital token service providers (DTSPs) serving customers outside Singapore. It requires licensing, fit-and-proper, AML/CFT and supervisory compliance, addressing regulatory risk from outward-facing digital token services. The DTSP regime commenced on 30 June 2025.

LicensingAML/KYCExchanges

Official Source

Acteffective

Payment Services Act 2019

Payment Services Act 2019 (No. 2 of 2019)

Effective: January 28, 2020Ref: No. 2 of 2019

Singapore's Payment Services Act 2019 creates licensing tiers and designated payment-service categories, bringing digital payment token (DPT) services into the regulated payments perimeter for the first time. It supports AML/CFT, technology-risk and customer-protection requirements through subsidiary rules and MAS notices. Major amendments were introduced in 2021 and 2024.

LicensingAML/KYCPaymentsExchanges

Official Source