Singapore is home to a plethora of local and foreign banks that provide a diverse variety of financial services. The Singapore Monetary Authority (MAS) regulates the financial system and ensures its stability and integrity. Because of its favourable business environment, infrastructure, and robust regulatory monitoring, it is a desirable destination for many global asset management organisations.
Singapore has taken an active stance on cryptocurrency regulation. To govern digital payment tokens (cryptocurrencies) and digital token offers, the MAS has put in place a comprehensive framework. The framework strives to strike a balance between innovation and consumer protection. Singapore has been a strong supporter of blockchain and distributed ledger technology (DLT) development. The government has actively pushed blockchain initiatives and cooperation, inviting a slew of blockchain firms to set up shop in the country.
Singapore is a city-state on the Malay Peninsula’s southern tip, roughly 85 miles (137 km) north of the Equator. It is made up of the diamond-shaped Singapore Island and about 60 minor islands; the main island takes up all but about 18 square miles of the total area. The main island is separated from Peninsular Malaysia to the north by Johor Strait, a narrow waterway traversed by a more than half-mile long road and rail causeway. The state’s southern boundaries run via Singapore Strait, where outliers of the Riau-Lingga Archipelago (part of Indonesia) reach to within 10 miles of the main island.
According to Worldometer’s elaboration of the most recent United Nations data, Singapore’s current population is 5,981,733 as of Sunday, May 14, 2023.
As the majority of Singaporeans have Chinese ancestors, Mandarin is the official Chinese language.
Singapore’s civil law has diverged significantly from English common law since independence. Nonetheless, much of Singaporean law is founded on English law, and while English rulings made before 1827 are not deemed binding, they are still influential in Singaporean court judgements.
Obtaining a licence to provide digital payment token (DPT) services in Singapore under the Payment Services Act (PSA) can provide various benefits to bitcoin enterprises. Here are some of the potential advantages of obtaining a crypto licence in Singapore:
Obtaining a crypto licence confirms conformity with the Monetary Authority of Singapore’s (MAS) regulatory framework. It permits businesses to operate legally in Singapore while also ensuring compliance with anti-money laundering (AML) and counter-terrorism financing (CFT) rules, as well as client protection measures.
The licencing process includes stringent compliance and security criteria, which can help consumers gain trust and confidence. A licence implies that the company has passed regulatory inspection, maintains high compliance standards, and prioritises consumer protection.
Working in a regulated environment can help a bitcoin company’s reputation and legitimacy. It indicates a dedication to openness, compliance, and ethical business practises, which can be appealing to potential partners, clients, and investors.
Singapore’s financial services ecosystem is well-developed, with a strong presence of banks, fintech businesses, and worldwide institutions. Having a crypto licence can help you form alliances, collaborate, and have access to financial services including banking relationships and payment infrastructure.
The regulatory environment in Singapore is deemed favourable for cryptocurrencies and blockchain technologies. Having a crypto licence might help your company access into the booming crypto market and explore expansion potential in Singapore and across Asia.
Businesses that receive a crypto licence gain access to regulatory guidelines and support from the MAS. The MAS distributes changes, recommendations, and best practises on a regular basis, which can assist firms in navigating the developing regulatory landscape and being compliant.
Potential investors can gain trust and assurance from a crypto licence. It demonstrates that the company operates within a regulated environment, which may aid in attracting investment and finance.
|License:||Payment Institution License|
|Timeframe for Approval:||1 to 2 months|
|Regulator:||Monetary Authority of Singapore|
|Local Director:||At least one director (only natural person, at least one must be Singapore resident/holder of Singapore work pass)|
|Local Shareholder:||At least one shareholder (can also be a legal person, no nationality restriction or residency restrictions)|
|Local Registered Office:||Required|
|Corporate Tax Rate:||17%|
|Currency:||Singapore Dollar (SGD)|
|Tax Structure:||0% Tax on Offshore Profits|
|Min. Paid-up Capital:||SGD1.00|
|Gov. App Fee:||USD5,000|
(including but not limited to directors, shareholders and beneficial owners)