🇯🇵 Japan vs 🇸🇬 Singapore: crypto licensing compared
Decision context and regulator route
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 public fields are shown below, with the full dated and sourced comparison included with access.
Japan: verified 2026-08-15 · Singapore: verified 2026-08-15
| Dimension |
🇯🇵 Japan
partly open
Verified 2026-08-15
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🇸🇬 Singapore
partly open
Verified 2026-08-15
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|---|---|---|
| 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 included in the £349 pass. | Singapore capital requirement is included in the £349 pass. |
| Timeline to authorisation | Japan timeline to authorisation is included in the £349 pass. | Singapore timeline to authorisation is included in the £349 pass. |
| Local substance | Japan local substance is included in the £349 pass. | Singapore local substance is included in the £349 pass. |
| Application cost | Japan application cost is included in the £349 pass. | Singapore application cost is included in the £349 pass. |
| Ongoing cost | Japan ongoing cost is included in the £349 pass. | Singapore ongoing cost is included in the £349 pass. |
| Passporting | Japan passporting is included in the £349 pass. | Singapore passporting is included in the £349 pass. |
| MiCA CASPs approved | Japan mica casps approved is included in the £349 pass. | Singapore mica casps approved is included in the £349 pass. |
| Key restrictions | Japan key restrictions is included in the £349 pass. | Singapore key restrictions is included in the £349 pass. |
| Recent changes | The FIEA and Payment Services Act amendment was promulgated on 23 July 2026. The first tranche, raising penalties for unregistered business and expanding SESC investigative powers, took effect on 12 August 2026. The core crypto-to-FIEA reclassification takes effect within one year of promulgation on a day to be fixed by cabinet order, so the exact date remains pending and cannot be later than 23 July 2027. | 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 included in the £349 pass. | Singapore difficulty rating is included in the £349 pass. |
Unlock the pass to see each gated figure with its source and verification date.
What changed recently
🇯🇵 Japan (verified 2026-08-15): The FIEA and Payment Services Act amendment was promulgated on 23 July 2026. The first tranche, raising penalties for unregistered business and expanding SESC investigative powers, took effect on 12 August 2026. The core crypto-to-FIEA reclassification takes effect within one year of promulgation on a day to be fixed by cabinet order, so the exact date remains pending and cannot be later than 23 July 2027.
🇸🇬 Singapore (verified 2026-08-15): 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.