General information only. CryptoRegHub provides summaries for informational purposes and does not constitute legal or compliance advice. Always verify with official sources and consult qualified legal counsel before making compliance decisions.
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's Payment Services Act 2019 (PSA) is the primary licensing framework for businesses providing digital payment token (DPT) services to customers in Singapore. DPTs are defined as digital representations of value not denominated in any currency — this covers Bitcoin, Ether and most cryptocurrencies. The PSA was significantly expanded through the Payment Services (Amendment) Act 2021, which tightened consumer protection, imposed asset segregation requirements, and extended the Travel Rule. A major policy shift came in June 2025 with the FSMA DTSP regime (see separate entry), which extended licensing obligations to Singapore-incorporated firms serving only overseas customers. As of 2025, 33 companies hold MAS licences. MAS banned retail crypto credit card purchases and imposed a mandatory Risk Awareness Quiz for retail investors. The stablecoin regulatory framework under the PSA covers single-currency stablecoins pegged to SGD or G10 currencies.
Applies to any entity providing DPT services in Singapore, including: (1) buying and selling digital payment tokens; (2) facilitating the exchange of digital payment tokens; (3) transferring digital payment tokens on behalf of customers; (4) providing custodian wallet services for DPTs. Two licence tiers: Standard Payment Institution (SPI) — for smaller operators with transaction volume caps; Major Payment Institution (MPI) — for larger operators with no volume limits but higher capital requirements.
Key requirements: (1) SPI requires SGD 100,000 minimum base capital; MPI requires SGD 250,000. (2) Customer asset segregation: DPT holdings must be kept separate from business assets in trust accounts. At least 90% of customer assets in cold storage with daily balance reconciliation. (3) AML/CFT: full KYC, customer due diligence under MAS Notice PSN02, suspicious transaction reporting. (4) Travel Rule: applies to transfers above SGD 1,500. Full originator and beneficiary information required. (5) Retail consumer protections: ban on crypto credit card purchases; mandatory Risk Awareness Quiz before retail investors can trade on licensed platforms. (6) Fit-and-proper requirements for directors and key officers. (7) Technology risk management and cybersecurity policies.
Always refer to official sources to confirm current requirements. CryptoRegHub summaries are for general guidance only.
Large fines, licence revocation, or criminal referral risk
This summary is for general informational purposes only and does not constitute legal advice. Always verify with official sources and consult qualified legal counsel.