Singapore maintains a crypto-friendly regulatory environment with clear frameworks such as the Payment Services Act (PSA) governing crypto activities. The country supports innovation while ensuring compliance with AML and licensing requirements.
| Status | crypto_friendly |
| Risk Score | 12/100 (Low Risk) |
| Region | asia pacific |
| Currency | SGD |
| Adoption Rank | #8 |
| Capital Gains (Personal) | 0% (no capital gains tax) |
| Capital Gains (Corporate) | 0% on capital gains; trading income taxed at 17% corporate rate if crypto is revenue in nature |
| VAT on Crypto | No |
| Staking Tax | Staking rewards may be taxed as income if received in the course of a trade |
| Airdrop Tax | Generally not taxed unless received as part of a trade or business |
Singapore does not levy capital gains tax. Crypto gains from long-term investment are tax-free for individuals. However, if IRAS determines the activity constitutes a trade, profits are subject to income tax. GST on crypto transactions was removed in 2020.
| Required | Yes |
| Regulator | MAS |
| Framework | Payment Services Act (PSA) |
| Ease | medium |
| Cost (USD) | $50,000 - $250,000 |
Licensing under the PSA requires compliance with AML/KYC and operational standards; the process is structured but not overly burdensome.
Registry: MAS Financial Institutions Directory — Major Payment Institution (Digital Payment Token Service) — total registered: 38
| Name | License Type | Licensed Since |
| Coinbase Singapore Pte Ltd | Major Payment Institution (Digital Payment Token Service) | — |
| Crypto.com (Foris DAX Asia) | Major Payment Institution (Digital Payment Token Service) | — |
| Circle Internet Singapore Pte Ltd | Major Payment Institution (Digital Payment Token Service) | — |
| OKX SG Pte Ltd | Major Payment Institution (Digital Payment Token Service) | — |
| Independent Reserve SG Pte Ltd | Major Payment Institution (Digital Payment Token Service) | — |
| DBS Vickers Securities (Singapore) Pte Ltd | Major Payment Institution (Digital Payment Token Service) | — |
| Paxos Digital Singapore Pte Ltd | Major Payment Institution (Digital Payment Token Service) | — |
| Sygnum Pte Ltd | Major Payment Institution (Digital Payment Token Service) | — |
| HashKey Technology Services Pte Ltd | Major Payment Institution (Digital Payment Token Service) | — |
| Upbit Singapore Pte Ltd | Major Payment Institution (Digital Payment Token Service) | — |
| Date | Authority | Target | Type | Amount (USD) | Status |
| MAS | Wang Qiming, Liu Kai | Cease & Desist | — | announced | |
| MAS Issues Prohibition Orders against former Relationship Managers Wang Qiming and Liu Kai | |||||
| MAS+CAD | Capital Asia Investments Pte Ltd | Other | — | Pending | |
| Licensed Fund Management Company And Its Officers Investigated For Suspected Money Laundering And Suspected Failure To Comply With Obligations As A Licensed Capital Markets Services Licence Holder | |||||
| MAS | Jimmy Ling Xiao Ting | Cease & Desist | — | announced | |
| MAS Issues Prohibition Orders against Jimmy Ling Xiao Ting | |||||
| MAS | Sun Weiyeh | Cease & Desist | — | announced | |
| MAS Issues Prohibition Order against Mr Sun Weiyeh | |||||
| MAS | Eurofin Investments Pte Ltd, Francois Pierre Michel Dotta, Clement Georges Schappler | Civil Penalty | — | announced | |
| MAS takes Enforcement Actions against Eurofin Investments Pte Ltd and its Senior Management for Breaches of MAS Regulations | |||||
| MAS | Ang Yew Jin Eugene | Civil Penalty | — | announced | |
| MAS Imposes Civil Penalty on Mr Ang Yew Jin Eugene for Insider Trading | |||||
| MAS | One Heritage Capital Management (SG) Pte Ltd | License Revocation | — | announced | |
| MAS Revokes the Capital Markets Services Licence of One Heritage Capital Management (SG) Pte Ltd | |||||
| MAS | Mr Tang Boon Hai | Cease & Desist | — | announced | |
| MAS Issues Prohibition Order against Mr Tang Boon Hai | |||||
| MAS | Benjamin Song Junde, Charn Sze Choong | Cease & Desist | — | announced | |
| MAS Issues Prohibition Orders against Two Individuals Convicted for Insurance Fraud | |||||
| MAS+CAD | Tan Tee Beng | Civil Penalty | — | announced | |
| Joint Statement by Commercial Affairs Department, Singapore Police Force (CAD) & Monetary Authority of Singapore (MAS) | |||||
| Status | Pilot |
| Name | Project Ubin+ |
| Issuing Authority | Monetary Authority of Singapore |
| Model | wholesale |
| KYC Required | Yes |
| Travel Rule | Yes |
| FATF Member | Yes |
| FATF Status | compliant |
| FATF Body | FATF |
| Suspicious-Activity Reporting | Yes |
Status: regulated
DeFi activities are subject to regulatory oversight under the PSA and related guidelines to ensure AML compliance and consumer protection.
Status: regulated
Stablecoins are regulated under the PSA, requiring issuers to obtain appropriate licenses and comply with AML and consumer protection rules.
Status: Unclear
NFTs are not specifically regulated unless they constitute a digital payment token or a capital markets product under the Securities and Futures Act. MAS assesses NFTs on a case-by-case basis.
| Legal | Yes |
| Electricity Cost | $0.148/kWh |
| Renewable Energy | 3% |
| Infrastructure | excellent |
Mining is legal but limited by high electricity costs and low renewable energy share. Singapore's excellent infrastructure supports data centers but mining is less competitive due to costs.
| Stability | very_stable |
| Sanctions | No |
| Corruption Index | 85/100 |
| Banking Access | open |
| Sanctions Program Active | Yes |
Singapore offers a stable, low-risk environment for crypto businesses with strong regulatory frameworks, excellent infrastructure, and open banking access.
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Explore IT Services →Last reviewed: 2026-05-06 · Data source: Soken Crypto Legal Map
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