Crypto Licensing - Singapore

About Singapore

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:

1. Regulatory Compliance

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.

2. Consumer Trust

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.

3. Enhanced Reputation

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.

4. Access to Financial Services Ecosystem

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.

5. Opportunities for Business Expansion

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.

6. Regulatory Guidance and Assistance

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.

7. Confidence for Investors

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

Company Structure

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
Local Staff: Required
Compliance Officer: Required
AML/KYC: Required
Audit: Required
Economic Substance: Required
Corporate Tax Rate: 17%
Currency: Singapore Dollar (SGD)
Tax Structure: 0% Tax on Offshore Profits
Min. Paid-up Capital: SGD1.00
Capital Requirement: SGD100,000
Gov. App Fee: USD5,000
  1. The client submits the necessary documentation for the preliminary review assessment.
  2. If the proposed company’s structure and executives are confirmed, Offshorelicense Ltd. proceeds with the formation of a Singapore company.
  3. Offshorelicense Ltd. opens a bank account after receiving corporation documentation.
  4.  If you apply for services from Offshorelicense Ltd., you may obtain professional support with the construction of a business strategy, applicable policies, and manuals (based on factual information provided by the customer).
  5. Offshorelicense Ltd. submits a licence application to MAS.
  6. Offshorelicense Ltd. either responds to or updates the application in response to any MAS comments until the final decision from MAS.
  • Fit and Proper Criteria
  • Compliance Program
  • Security and Technology Measures
  • Business Plan
  • Financial Stability
  • Outsourcing Arrangements
  • Risk Management Framework
  • Consumer Protection Measure

Documents required by all involved individuals

(including but not limited to directors, shareholders and beneficial owners)

  • Passport copy (Notarised)
  • Utility Bill issued within the last 3 months (Notarised)
  • CV or Resume for each involved individual
  • Two professional reference letters
  • Qualifications (Notarised)

For Corporate Shareholders

  • Articles of Association in English
  • Registered office address documents (Notarised)
  • Company Register of director/s
  • Company Register of UBOs (shareholder register, or incumbency certificate, or share certificates)
  1. Establish Singapore private limited company.
  2. Preparation and drafting of shareholder and officer agreements.
  3. Preparation and drafting of narrative business plan.
  4. Preparation and drafting of current financial statements.
  5. Preparation and drafting of 3 years financial projections.
  6. Preparation and drafting of personal financial statements for owners.
  7. Preparation and submission of application with Monetary Authority of Singapore.
  8. Preparation and drafting of responses to Monetary Authority of Singapore.
  9. Identification and engagement of auditor and local representative.
  10. Facilitate opening of bank accounts and trading accounts.
  11. Preparation and drafting of AML/KYC policies and procedures.
  12. Preparation and drafting of client agreements and disclosures.