Singapore maintains a crypto-friendly regulatory environment with clear frameworks such as the Payment Services Act (PSA) governing crypto activities. The country supports innovation while ensuring compliance with AML and licensing requirements.
| Status | crypto_friendly |
| Risk Score | 15/100 (Low Risk) |
| Region | asia pacific |
| Currency | SGD |
| Adoption Rank | #8 |
| Capital Gains (Personal) | 0% (no capital gains tax) |
| Capital Gains (Corporate) | 0% on capital gains; trading income taxed at 17% corporate rate if crypto is revenue in nature |
| VAT on Crypto | No |
| Staking Tax | Staking rewards may be taxed as income if received in the course of a trade |
| Airdrop Tax | Generally not taxed unless received as part of a trade or business |
Singapore does not levy capital gains tax. Crypto gains from long-term investment are tax-free for individuals. However, if IRAS determines the activity constitutes a trade, profits are subject to income tax. GST on crypto transactions was removed in 2020.
| Required | Yes |
| Regulator | MAS |
| Framework | Payment Services Act (PSA) + Financial Services and Markets Act (FSMA) Part 9 + Securities and Futures Act (SFA) |
| Ease | medium |
| Cost (USD) | $50,000 - $250,000 |
Licensing under the PSA requires compliance with AML/KYC and operational standards; the process is structured but not overly burdensome.
Registry: MAS Financial Institutions Directory — Major Payment Institution (Digital Payment Token Service) — total registered: 38
| Name | License Type | Licensed Since |
| Coinbase Singapore Pte Ltd | Major Payment Institution (Digital Payment Token Service) | — |
| Crypto.com (Foris DAX Asia) | Major Payment Institution (Digital Payment Token Service) | — |
| Circle Internet Singapore Pte Ltd | Major Payment Institution (Digital Payment Token Service) | — |
| OKX SG Pte Ltd | Major Payment Institution (Digital Payment Token Service) | — |
| Independent Reserve SG Pte Ltd | Major Payment Institution (Digital Payment Token Service) | — |
| DBS Vickers Securities (Singapore) Pte Ltd | Major Payment Institution (Digital Payment Token Service) | — |
| Paxos Digital Singapore Pte Ltd | Major Payment Institution (Digital Payment Token Service) | — |
| Sygnum Pte Ltd | Major Payment Institution (Digital Payment Token Service) | — |
| HashKey Technology Services Pte Ltd | Major Payment Institution (Digital Payment Token Service) | — |
| Upbit Singapore Pte Ltd | Major Payment Institution (Digital Payment Token Service) | — |
| Date | Authority | Target | Type | Amount (USD) | Status |
| MAS | Wang Qiming, Liu Kai | Cease & Desist | — | announced | |
| MAS Issues Prohibition Orders against former Relationship Managers Wang Qiming and Liu Kai | |||||
| MAS+CAD | Capital Asia Investments Pte Ltd | Other | — | Pending | |
| Licensed Fund Management Company And Its Officers Investigated For Suspected Money Laundering And Suspected Failure To Comply With Obligations As A Licensed Capital Markets Services Licence Holder | |||||
| MAS | Jimmy Ling Xiao Ting | Cease & Desist | — | announced | |
| MAS Issues Prohibition Orders against Jimmy Ling Xiao Ting | |||||
| MAS | Sun Weiyeh | Cease & Desist | — | announced | |
| MAS Issues Prohibition Order against Mr Sun Weiyeh | |||||
| MAS | Eurofin Investments Pte Ltd, Francois Pierre Michel Dotta, Clement Georges Schappler | Civil Penalty | — | announced | |
| MAS takes Enforcement Actions against Eurofin Investments Pte Ltd and its Senior Management for Breaches of MAS Regulations | |||||
| MAS | Ang Yew Jin Eugene | Civil Penalty | — | announced | |
| MAS Imposes Civil Penalty on Mr Ang Yew Jin Eugene for Insider Trading | |||||
| MAS | One Heritage Capital Management (SG) Pte Ltd | License Revocation | — | announced | |
| MAS Revokes the Capital Markets Services Licence of One Heritage Capital Management (SG) Pte Ltd | |||||
| MAS | Mr Tang Boon Hai | Cease & Desist | — | announced | |
| MAS Issues Prohibition Order against Mr Tang Boon Hai | |||||
| MAS | Benjamin Song Junde, Charn Sze Choong | Cease & Desist | — | announced | |
| MAS Issues Prohibition Orders against Two Individuals Convicted for Insurance Fraud | |||||
| MAS+CAD | Tan Tee Beng | Civil Penalty | — | announced | |
| Joint Statement by Commercial Affairs Department, Singapore Police Force (CAD) & Monetary Authority of Singapore (MAS) | |||||
| Status | Pilot |
| Name | Project Ubin+ |
| Issuing Authority | Monetary Authority of Singapore |
| Model | wholesale |
| KYC Required | Yes |
| Travel Rule | Yes |
| FATF Member | Yes |
| FATF Status | compliant |
| FATF Body | FATF/APG |
| Suspicious-Activity Reporting | Yes |
Status: regulated_with_restrictions
DeFi activities face increasing regulatory oversight in Singapore. MAS banned retail DPT lending and staking via PSA October 2024 amendment. Protocol-level DeFi regulation depends on degree of centralised control by Singapore entities. MAS simultaneously advances institutional tokenization (Project Guardian, tokenized government bills) while restricting retail-facing DeFi leverage.
Status: regulated
Stablecoins are regulated under the MAS SCS Framework (2023) within the PSA regime. Single-currency stablecoins (SGD or G10-pegged) issued in Singapore face strict 100%-reserve, monthly attestation, and redemption requirements. Full legislative amendments expected mid-2026.
Status: Unclear
NFTs are not specifically regulated unless they constitute a digital payment token or a capital markets product under the Securities and Futures Act. MAS assesses NFTs on a case-by-case basis.
| Legal | Yes |
| Electricity Cost | $0.148/kWh |
| Renewable Energy | 3% |
| Infrastructure | excellent |
Mining is legal but limited by high electricity costs and low renewable energy share. Singapore's excellent infrastructure supports data centers but mining is less competitive due to costs.
| Stability | very_stable |
| Sanctions | No |
| Corruption Index | 85/100 |
| Banking Access | open |
| Sanctions Program Active | Yes |
Singapore offers a stable, low-risk environment for crypto businesses with strong regulatory frameworks, excellent infrastructure, and open banking access.
Singapore maintains a crypto-friendly regulatory environment with clear frameworks such as the Payment Services Act (PSA) governing crypto activities. The country supports innovation while ensuring compliance with AML and licensing requirements.
Singapore is classified by FATF as: compliant.
Yes, licensing is required for VASPs.
KYC is mandatory for crypto businesses.
Yes, 10 notable enforcement action(s) recorded.
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Explore IT Services →Last reviewed: 2026-06-01 · Data source: Soken Crypto Legal Map
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