Crypto licence in Singapore (MAS)
Crypto licence in Singapore under the Payment Services Act: DPT service, SPI or MPI, S$100,000 or S$250,000 base capital, DTSP rules since 30 June 2025.
Short answer · MAS, checked 30 October 2026
A company that buys or sells crypto for customers, or runs a platform to exchange it, provides a digital payment token (DPT) service in Singapore and needs a MAS licence under the Payment Services Act 2019: a standard payment institution (SPI) licence with S$100,000 base capital, or a major payment institution (MPI) licence with S$250,000 above the volume thresholds.
Choose the right licence before you build. In a 30-minute consultation (€100) we check whether your model is a DPT service, whether SPI or MPI fits your volumes, and what MAS will ask for.
Our services in Singapore
Which licence: SPI or MPI
| Licence | When it applies | Base capital · security |
|---|---|---|
| Money-changing | Money-changing service only | – |
| Standard payment institution (SPI) | Below S$3m of monthly transactions for any one service, S$6m for two or more, S$5m of daily outstanding e-money | S$100,000 |
| Major payment institution (MPI) | Above these thresholds | S$250,000 · security S$100,000 or S$200,000 |
Source: MAS Guidelines on Licensing for Payment Service Providers (PS-G01), Tables 3 and 4, thresholds under section 6(5) of the Payment Services Act. MPI security is S$100,000 when average monthly transactions do not exceed S$6m for any one payment service, otherwise S$200,000.
What counts as a digital payment token service
MAS describes the DPT service as buying or selling digital payment tokens, commonly known as cryptocurrencies, or providing a platform that lets persons exchange them. It also covers transmitting DPTs or arranging their transmission, custodian wallet services, and actively facilitating the buying or selling of DPTs without holding the money or tokens. It is one of seven payment services in the First Schedule of the Act, next to account issuance, domestic and cross-border money transfer, merchant acquisition, e-money issuance and money-changing.
Serving only clients outside Singapore
From 30 June 2025 a digital token service provider that serves only customers outside Singapore needs a licence under Part 9 of the Financial Services and Markets Act 2022. In its release of 6 June 2025 MAS said that it has set the bar high for licensing and will generally not issue a licence, and that existing providers of this kind had to stop the activity when the regime came into effect. Providers that serve customers in Singapore stay under the Payment Services Act.
What MAS checks in an application
- registration with ACRA and a governance and ownership structure that meets MAS requirements;
- fit and proper directors, CEO, shareholders and employees, and key individuals with payment-industry experience;
- a permanent place of business or registered office in Singapore, with a person present at least 10 days a month, eight hours a day;
- base capital that, as a rule of thumb, covers 6 to 12 months of operating expenses;
- compliance arrangements, AML/CFT controls and, for DPT services, segregation and custody of customer assets.
The application is filed in Form 1. A licensee pays a fixed annual licence fee for each payment service it conducts. For the AML side, see AML/KYC compliance in Singapore.
FAQ
Do I need a licence to run a crypto exchange in Singapore?
Yes. Buying or selling digital payment tokens, or providing a platform for others to exchange them, is a digital payment token (DPT) service under the Payment Services Act 2019, and conducting a payment service in Singapore requires a MAS licence unless an exemption applies. Custody and transfer of tokens are also DPT services.
What is the minimum capital for a crypto licence in Singapore?
Base capital is S$100,000 for a standard payment institution and S$250,000 for a major payment institution. An MPI also provides security of S$100,000 or S$200,000 before it starts business. MAS adds that base capital should, as a rule of thumb, cover 6 to 12 months of operating expenses.
What is the difference between an SPI and an MPI licence?
The volume. An SPI stays below the thresholds in section 6(5) of the Act: S$3 million of monthly transactions for any one payment service, S$6 million for two or more, or S$5 million of daily outstanding e-money. An MPI works without these limits and meets higher capital and security requirements.
Can a Singapore company serve only clients outside Singapore?
Since 30 June 2025, a digital token service provider that serves only customers outside Singapore needs a licence under the Financial Services and Markets Act 2022. MAS announced on 6 June 2025 that it has set the bar high for this licence and will generally not issue one.
What does MAS check in a licence application?
Registration with ACRA, fit and proper owners and managers, experienced key individuals, a permanent place of business in Singapore with a person present at least 10 days a month, base capital and compliance arrangements. The applicant files Form 1 and pays a fixed annual licence fee for each payment service.
Other markets
- Crypto licences by country
- Crypto licence in Japan (FSA)
- MiCA CASP licence in the EU
- Crypto licensing in Canada (FINTRAC)
Facts checked on 30 October 2026: MAS PS-G01, MAS, Payment Services Act, MAS FAQs on the Payment Services Act, MAS media release on digital token service providers, 6 June 2025. This page is general information; requirements for a specific business depend on its model.
Ready to apply? Send a short description of your services, volumes and where your clients are. We reply with the licence type, the documents and the next step.