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← Back to licensing guides|Licensing→Singapore→MAS DPT Service Licence
Verify recommended:28 July 2026·Source →

MAS DPT Service Licence

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General information only — not legal advice

CryptoRegHub provides plain-English summaries of crypto regulations for informational purposes only. This does not constitute legal, compliance, or financial advice. Regulations change frequently — always verify information with official sources and consult qualified legal counsel before making any compliance decisions.

Singapore licenses digital payment token services under the Payment Services Act as either a Standard Payment Institution (below monthly thresholds) or Major Payment Institution. A separate DTSP regime under FSMA 2022 — in force since 30 June 2025 with no transitional relief — captures Singapore entities serving only offshore customers. Retail protections are among the strictest globally: no lending or staking of retail customers' tokens, marketing restrictions, and trust-based segregation with roughly 90% cold storage expected.

Capital requirements

TierCapitalCovers
SPISGD 100,000
Below S$3M/month per service and S$5M daily float; customer-money safeguarding under s.23 applies to SPIs providing a DPT service (PSR reg 13B); no security deposit
DPT services below thresholds
MPISGD 250,000
Confirmed on MAS's licensing page; plus security deposit S$100k–S$200k; safeguarding required
DPT services above thresholds
DTSP (FSMA - not covered by this check)SGD 250,000
FSMA 2022 regime for offshore-serving Singapore entities; flat S$10,000 annual fee; no transitional relief
Digital token services to offshore customers

Application process

1
Determine licence type and services
SPI or MPI by the S$3M monthly per-service and S$5M daily float thresholds, and which payment services beyond DPT are applied for. Singapore entities providing digital token services only to persons outside Singapore fall under the FSMA 2022 DTSP regime, not this licence.
2
Prepare the pack
Business plan, AML/CFT under MAS Notice PSN02, technology risk management, custody and segregation arrangements, audit plans, plus an independent legal opinion and an external auditor's report - the auditor's report must be issued within 3 months of submission.
3
Submit Form 1 online
Via CorpPass with the application fee; the external auditor's FormSG submission goes in on the same day.
4
Case assignment and completeness
Applications queue until an officer is assigned (MAS notice: more than a year); the first contact is a completeness request.
5
Interviews
MAS interviews key management persons and the compliance officer without consultants present.
6
In-principle approval
Granted with a technology and cyber external-assessment condition and pre-commencement items: penetration test, evidence of customer-money safeguarding, and the security deposit for an MPI.
7
Licence issued
An e-licence is issued by email and the firm appears in the MAS Financial Institutions Directory.

Ongoing obligations

Base capital — S$100,000 (SPI) or S$250,000 (MPI), plus an MPI security deposit of S$100,000 (up to S$6M monthly) or S$200,000.
Customer asset protection — segregation on trust, separate blockchain addresses, daily reconciliation, operationally independent custody, and roughly 90% cold storage (guidance).
Retail restrictions — no lending or staking of retail customers' tokens; marketing restrictions to the public.
AML/CFT and TRM — MAS Notice PSN02 and the technology risk management guidelines apply, with transaction reporting.
Penalties — unlicensed operation carries fines up to S$125,000 and/or up to three years' imprisonment for individuals.

Common rejection & delay reasons

Substance shortfalls
Non-resident direction or thin local presence is the most common stumbling block since the 2024 guidelines tightened scrutiny.
Custody arrangements below the bar
Trust segregation, independent custody operations and the cold-storage expectation must be evidenced, not planned.
Misjudging the DTSP boundary
Singapore entities serving offshore customers who assumed they were out of scope must now be licensed or cease — there is no grandfathering.

What's changing

DTSP enforcement posture — regime in force since 30 June 2025 with no transitional relief
· in force
CARF-aligned reporting expansion
· pending

Frequently asked questions

At a glance
JurisdictionSingapore
RegulatorMonetary Authority of Singapore (MAS)
TypeLicence — SPI / MPI tiers
CapitalS$100k–S$250k by tier
Application feeSGD 1,000
Ongoing feesAnnual licence fee S$5,000 (SPI) or S$10,000 (MPI) for a DPT service, summed per service for a multi-service licence and pro-rated from the licence date in the first calendar year (PSR First Schedule items 12-13; PS-G01 Appendix 4). Paid by GIRO.
Realistic timelineNo statutory time limit. MAS's own notice on the Form 1 page (last revised 8 October 2025) states a waiting period of more than a year before an officer is available to review an application; review then proceeds in rounds of information requests (PS-G01 Appendix 5).
PassportingNone
Last verified28 Jul 2026
Local presence

Singapore-incorporated company (or registered foreign company) with a permanent place of business; resident executive director; compliance officer based in Singapore. Substance scrutiny has tightened — brass-plate arrangements are insufficient.

Primary source
https://www.mas.gov.sg →
Related
Singapore DTSP Regime →Singapore PSA / DPT →
Disclaimer

This guide is for general informational purposes only and does not constitute legal advice. Figures change — always verify with the regulator and consult qualified counsel before applying.