Singapore maintains a crypto-friendly regulatory environment with clear frameworks under the Payment Services Act (PSA), Financial Services and Markets Act (FSMA) Part 9, and Securities and Futures Act (SFA). The country supports innovation while enforcing robust compliance standards.
| 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) |
| Ease | medium |
| Cost (USD) | $50,000 - $250,000 |
Licensing under the PSA requires compliance with AML/CFT regulations and is moderately accessible to qualified applicants.
Registry: MAS Financial Institutions Directory — Major Payment Institution (Digital Payment Token Service) — total registered: 37
| 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 | Huang Wenhui, Han Yixuan | Cease & Desist | — | announced | |
| MAS Issues Prohibition Orders against Mr Huang Wenhui and Ms Han Yixuan Almeta | |||||
| MAS | Low Jia Mei, Camie | Cease & Desist | — | announced | |
| MAS Issues Prohibition Order against Low Jia Mei Camie for Unauthorised Access to Bank Customer Information | |||||
| MAS | Lai Mei Lin | Cease & Desist | — | announced | |
| MAS Issues Prohibition Order against Lai Mei Lin | |||||
| MAS | Li Jinbo | Cease & Desist | — | announced | |
| MAS Issues Prohibition Order against Mr Li Jinbo | |||||
| MAS | Director and Compliance Manager of Samlit Moneychanger Pte. Ltd. | Criminal Charge | — | announced | |
| Samlit Moneychanger Pte. Ltd., its Director and Compliance Manager to be Charged for Offences Under the Financial Services and Markets Act 2022 | |||||
| MAS | Andrew Tiew Siew Ing | Cease & Desist | — | announced | |
| MAS Issues Prohibition Order against Andrew Tiew Siew Ing for Cheating Offences | |||||
| MAS | Chua Han Boon Kenneth | Civil Penalty | — | announced | |
| Civil Penalty Action Taken against Chua Han Boon Kenneth for Insider Trading | |||||
| MAS | Padang Trust Singapore Pte. Ltd. | Civil Penalty | — | announced | |
| MAS Imposes $300,000 Composition Penalty on Padang Trust Singapore Pte. Ltd. for AML/CFT Breaches | |||||
| MAS | Tan Chun Yong, Xie Jianfeng | Criminal Charge | — | announced | |
| Two Individuals Convicted for Offences under the Securities and Futures Act | |||||
| MAS | Bsquared Technology Pte Ltd | License Revocation | — | announced | |
| MAS Revokes the Major Payment Institution Licence of Bsquared Technology Pte Ltd | |||||
| 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 |
| Suspicious-Activity Reporting | Yes |
Status: regulated
DeFi activities are subject to existing financial regulations under the PSA and SFA, requiring compliance with AML and licensing where applicable.
Status: regulated
Stablecoins are regulated under the PSA, requiring issuers and service providers to obtain appropriate licenses and comply with AML/CFT requirements.
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 |
Singapore has high-quality data center infrastructure and reliable internet connectivity, making it suitable for crypto mining despite higher electricity costs.
| Stability | very_stable |
| Sanctions | No |
| Corruption Index | 85/100 |
| Banking Access | open |
| Sanctions Program Active | Yes |
Risk Factors
Singapore is a politically stable and business-friendly jurisdiction with strong rule of law and minimal corruption, favorable for crypto businesses.
Singapore maintains a crypto-friendly regulatory environment with clear frameworks under the Payment Services Act (PSA), Financial Services and Markets Act (FSMA) Part 9, and Securities and Futures Act (SFA). The country supports innovation while enforcing robust compliance standards.
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: 2026-08-31 · Data source: Soken Crypto Legal Map
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