🇯🇵 Japan vs 🇸🇬 Singapore: crypto licensing compared
Choosing between Japan and Singapore for a crypto licence starts with who you will answer to: Financial Services Agency of Japan (FSA / JFSA), registration authority, acting via the Prime Minister's delegated power and Local Finance Bureaus. The Japan Virtual and Crypto-assets Exchange Association (JVCEA) is the FSA-certified self-regulatory organisation that runs mandatory token-listing screening and conduct rules; JVCEA membership is the de facto baseline for registration even though not a strict legal requirement. on one side, Monetary Authority of Singapore (MAS) - central bank and integrated regulator; administers the PSA, the DTSP regime, the SFA and the stablecoin framework. on the other, via the Crypto-Asset Exchange Service Provider (CAESP) registration with the Prime Minister (delegated to the FSA), under Article 63-2 of the Payment Services Act (PSA). Crypto derivatives trading is separately regulated as a Type I Financial Instruments Business under the Financial Instruments and Exchange Act (FIEA). A parallel intermediary-only registration category was introduced by the 2025 PSA/LPAI amendments. and the Payment Services Act 2019 Digital Payment Token (DPT) service licence, held as a Standard (SPI) or Major Payment Institution (MPI) - most crypto firms are MPIs. Plus the newer DTSP regime (FSMA 2022 Part 9) and a finalised (not-yet-legislated) stablecoin issuer framework. respectively. The two regimes differ on 7 of 9 tracked decision dimensions, including capital requirement and timeline to authorisation. Every figure behind the comparison carries a last-verified date and a primary source.
Japan: verified 2026-07-03 · Singapore: verified 2026-07-01
| Dimension |
🇯🇵 Japan
partly open
Verified 2026-07-03
|
🇸🇬 Singapore
partly open
Verified 2026-07-01
|
|---|---|---|
| Licence type | Crypto-Asset Exchange Service Provider (CAESP) registration with the Prime Minister (delegated to the FSA), under Article 63-2 of the Payment Services Act (PSA). Crypto derivatives trading is separately regulated as a Type I Financial Instruments Business under the Financial Instruments and Exchange Act (FIEA). A parallel intermediary-only registration category was introduced by the 2025 PSA/LPAI amendments. | Payment Services Act 2019 Digital Payment Token (DPT) service licence, held as a Standard (SPI) or Major Payment Institution (MPI) - most crypto firms are MPIs. Plus the newer DTSP regime (FSMA 2022 Part 9) and a finalised (not-yet-legislated) stablecoin issuer framework. |
| Regulator | Financial Services Agency of Japan (FSA / JFSA), registration authority, acting via the Prime Minister's delegated power and Local Finance Bureaus. The Japan Virtual and Crypto-assets Exchange Association (JVCEA) is the FSA-certified self-regulatory organisation that runs mandatory token-listing screening and conduct rules; JVCEA membership is the de facto baseline for registration even though not a strict legal requirement. | Monetary Authority of Singapore (MAS) - central bank and integrated regulator; administers the PSA, the DTSP regime, the SFA and the stablecoin framework. |
| Capital requirement | Japan capital requirement is locked. Unlock with the £349 pass. | Singapore capital requirement is locked. Unlock with the £349 pass. |
| Timeline to authorisation | Japan timeline to authorisation is locked. Unlock with the £349 pass. | Singapore timeline to authorisation is locked. Unlock with the £349 pass. |
| Local substance | Japan local substance is locked. Unlock with the £349 pass. | Singapore local substance is locked. Unlock with the £349 pass. |
| Application cost | Japan application cost is locked. Unlock with the £349 pass. | Singapore application cost is locked. Unlock with the £349 pass. |
| Ongoing cost | Japan ongoing cost is locked. Unlock with the £349 pass. | Singapore ongoing cost is locked. Unlock with the £349 pass. |
| Passporting | Japan passporting is locked. Unlock with the £349 pass. | Singapore passporting is locked. Unlock with the £349 pass. |
| MiCA CASPs approved | Japan mica casps approved is locked. Unlock with the £349 pass. | Singapore mica casps approved is locked. Unlock with the £349 pass. |
| Key restrictions | Japan key restrictions is locked. Unlock with the £349 pass. | Singapore key restrictions is locked. Unlock with the £349 pass. |
| Recent changes | Major overhaul underway: Japan's Cabinet approved an FIEA amendment bill (10 April 2026) to reclassify crypto-assets as 'financial instruments,' moving oversight from the PSA to FIEA, applying insider-trading rules, disclosure obligations, and market-conduct rules akin to securities law, alongside sharply increased criminal penalties (up to 10 years imprisonment / JPY 10 million fines for unregistered solicitation). The Lower House passed the bill 11 June 2026; it awaits Upper House passage, with effect expected as early as 2027. A flat 20% capital-gains tax on crypto (replacing progressive rates up to 55%) has been approved in principle. On 1 May 2025, PSA/LPAI amendments took effect introducing a new intermediary-only registration category and tightening stablecoin/EPI rules; a further overseas trust-type stablecoin equivalence framework takes effect 13 June 2026. | DTSP regime (FSMA Part 9) commenced 30 Jun 2025 - Singapore firms serving only overseas customers must be licensed, and MAS 'will generally not issue' such licences (no transition). MPI DPT licensees ~37 by mid-2026. MAS revoked Bsquared Technology's MPI licence (May 2026). Stablecoin legislation still in drafting. |
| Difficulty rating | Japan difficulty rating is locked. Unlock with the £349 pass. | Singapore difficulty rating is locked. Unlock with the £349 pass. |
The two regimes differ on 7 of 9 tracked decision dimensions, including capital requirement and timeline to authorisation. Unlock the pass to see each figure with its source and verification date.
What changed recently
🇯🇵 Japan (verified 2026-07-03): Major overhaul underway: Japan's Cabinet approved an FIEA amendment bill (10 April 2026) to reclassify crypto-assets as 'financial instruments,' moving oversight from the PSA to FIEA, applying insider-trading rules, disclosure obligations, and market-conduct rules akin to securities law, alongside sharply increased criminal penalties (up to 10 years imprisonment / JPY 10 million fines for unregistered solicitation). The Lower House passed the bill 11 June 2026; it awaits Upper House passage, with effect expected as early as 2027. A flat 20% capital-gains tax on crypto (replacing progressive rates up to 55%) has been approved in principle. On 1 May 2025, PSA/LPAI amendments took effect introducing a new intermediary-only registration category and tightening stablecoin/EPI rules; a further overseas trust-type stablecoin equivalence framework takes effect 13 June 2026.
🇸🇬 Singapore (verified 2026-07-01): DTSP regime (FSMA Part 9) commenced 30 Jun 2025 - Singapore firms serving only overseas customers must be licensed, and MAS 'will generally not issue' such licences (no transition). MPI DPT licensees ~37 by mid-2026. MAS revoked Bsquared Technology's MPI licence (May 2026). Stablecoin legislation still in drafting.
Quick answers
Who regulates crypto licensing in Japan and Singapore?
Japan: Financial Services Agency of Japan (FSA / JFSA), registration authority, acting via the Prime Minister's delegated power and Local Finance Bureaus. The Japan Virtual and Crypto-assets Exchange Association (JVCEA) is the FSA-certified self-regulatory organisation that runs mandatory token-listing screening and conduct rules; JVCEA membership is the de facto baseline for registration even though not a strict legal requirement.. Singapore: Monetary Authority of Singapore (MAS) - central bank and integrated regulator; administers the PSA, the DTSP regime, the SFA and the stablecoin framework..
What licence do you need in Japan compared with Singapore?
In Japan the authorisation route is Crypto-Asset Exchange Service Provider (CAESP) registration with the Prime Minister (delegated to the FSA), under Article 63-2 of the Payment Services Act (PSA). Crypto derivatives trading is separately regulated as a Type I Financial Instruments Business under the Financial Instruments and Exchange Act (FIEA). A parallel intermediary-only registration category was introduced by the 2025 PSA/LPAI amendments.; in Singapore it is Payment Services Act 2019 Digital Payment Token (DPT) service licence, held as a Standard (SPI) or Major Payment Institution (MPI) - most crypto firms are MPIs. Plus the newer DTSP regime (FSMA 2022 Part 9) and a finalised (not-yet-legislated) stablecoin issuer framework.. The comparison table on this page lines the two up dimension by dimension.
Where can I see the full Japan vs Singapore comparison?
The interactive benchmark lets you pin either jurisdiction and add up to five peers; a Founder Pass or Pro subscription unlocks every gated figure with its source and verification date. This page stays free at /crypto/compare/japan-vs-singapore.
Informational only, not legal advice. Every open figure carries its own verification date; verify with qualified counsel before acting.