🇸🇬 Singapore vs 🇹🇭 Thailand: crypto licensing compared

Public comparisonOpenlicence, regulator and recent changes

Full comparisonWith accessvalues, sources and verification dates

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Decision context and regulator route

Singapore and Thailand are commonly considered side by side for crypto authorisation. In Singapore the route is 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. overseen by Monetary Authority of Singapore (MAS) - central bank and integrated regulator; administers the PSA, the DTSP regime, the SFA and the stablecoin framework.; in Thailand it is the Digital Asset Business licence under the Emergency Decree on Digital Asset Businesses B.E. 2561 (2018), as amended (most significantly by an April 2025 amendment extending extraterritorial scope). Categories, each with its own capital tier: Digital Asset Exchange, Digital Asset Broker, Digital Asset Dealer, ICO Portal, Digital Asset Fund Manager, Digital Asset Advisory Service and Digital Asset Custodial Wallet Provider. under Securities and Exchange Commission (SEC) Thailand is the primary licensing/supervisory authority; the Ministry of Finance formally grants the licence on SEC recommendation. The Ministry of Digital Economy and Society (MDES) holds blocking powers over unlicensed platforms (added by the 2025 amendment). The Bank of Thailand has a consultative role for certain payment-related and stablecoin aspects.. The public licence and regulator fields below are open to everyone; the complete sourced comparison is included with access.

Singapore: verified 2026-08-15 · Thailand: verified 2026-08-15

Dimension	🇸🇬 Singapore partly open Verified 2026-08-15	🇹🇭 Thailand partly open Verified 2026-08-15
Licence type	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. Verified 2026-08-15 Source: MAS - Guide to the Payment Services Act 2019: https://www.mas.gov.sg/-/media/mas/regulations-and-financial-stability/regulations-guidance-and-licensing/payment-service-providers/guide-to-the-payment-services-act-2019.pdf	Digital Asset Business licence under the Emergency Decree on Digital Asset Businesses B.E. 2561 (2018), as amended (most significantly by an April 2025 amendment extending extraterritorial scope). Categories, each with its own capital tier: Digital Asset Exchange, Digital Asset Broker, Digital Asset Dealer, ICO Portal, Digital Asset Fund Manager, Digital Asset Advisory Service and Digital Asset Custodial Wallet Provider. Verified 2026-08-15 Source: SEC Thailand licence-check portal: https://market.sec.or.th/LicenseCheck/views/DABusiness ; SEC Thailand, Digital Asset Business Operators: https://www.sec.or.th/EN/Pages/LawandRegulations/DigitalAssetBusiness.aspx
Regulator	Monetary Authority of Singapore (MAS) - central bank and integrated regulator; administers the PSA, the DTSP regime, the SFA and the stablecoin framework. Verified 2026-08-15 Source: MAS - Licensing for Payment Service Providers: https://www.mas.gov.sg/regulation/payments/licensing-for-payment-service-providers	Securities and Exchange Commission (SEC) Thailand is the primary licensing/supervisory authority; the Ministry of Finance formally grants the licence on SEC recommendation. The Ministry of Digital Economy and Society (MDES) holds blocking powers over unlicensed platforms (added by the 2025 amendment). The Bank of Thailand has a consultative role for certain payment-related and stablecoin aspects. Verified 2026-08-15 Source: Thai Securities and Exchange Commission, Digital Asset Business Operators: https://www.sec.or.th/EN/Pages/LawandRegulations/DigitalAssetBusiness.aspx
Capital requirement	Singapore capital requirement is included in the £349 pass.	Thailand capital requirement is included in the £349 pass.
Timeline to authorisation	Singapore timeline to authorisation is included in the £349 pass.	Thailand timeline to authorisation is included in the £349 pass.
Local substance	Singapore local substance is included in the £349 pass.	Thailand local substance is included in the £349 pass.
Application cost	Singapore application cost is included in the £349 pass.	Thailand application cost is included in the £349 pass.
Ongoing cost	Singapore ongoing cost is included in the £349 pass.	Thailand ongoing cost is included in the £349 pass.
Passporting	Singapore passporting is included in the £349 pass.	Thailand passporting is included in the £349 pass.
MiCA CASPs approved	Singapore mica casps approved is included in the £349 pass.	Thailand mica casps approved is included in the £349 pass.
Key restrictions	Singapore key restrictions is included in the £349 pass.	Thailand key restrictions is included in the £349 pass.
Recent changes	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. Verified 2026-08-15 Source: MAS - Clarifies regime for DTSPs (6 Jun 2025): https://www.mas.gov.sg/news/media-releases/2025/mas-clarifies-regulatory-regime-for-digital-token-service-providers	April 2025: extraterritorial scope amendment plus MDES no-court-order blocking powers, the biggest regulatory shift in this period. 1 November 2024: new capital requirement notification (KorThor. 28/2567) took effect, phased to full compliance by 1 November 2025. May-June 2025: first major enforcement wave blocking 5 offshore exchanges. Early 2026: criminal complaints filed against local/overseas joint-operation arrangements, signaling a shift from blocking to prosecution. ERX rebranded as KuCoin Thailand in 2025 following acquisition by KuCoin, illustrating global exchanges entering via licensed local subsidiaries. Verified 2026-07-03 Source: Global Legal Insights, Blockchain & Cryptocurrency Laws 2026 - Thailand: https://www.globallegalinsights.com/practice-areas/blockchain-cryptocurrency-laws-and-regulations/thailand/
Difficulty rating	Singapore difficulty rating is included in the £349 pass.	Thailand difficulty rating is included in the £349 pass.

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What changed recently

🇸🇬 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.

🇹🇭 Thailand (verified 2026-07-03): April 2025: extraterritorial scope amendment plus MDES no-court-order blocking powers, the biggest regulatory shift in this period. 1 November 2024: new capital requirement notification (KorThor. 28/2567) took effect, phased to full compliance by 1 November 2025. May-June 2025: first major enforcement wave blocking 5 offshore exchanges. Early 2026: criminal complaints filed against local/overseas joint-operation arrangements, signaling a shift from blocking to prosecution. ERX rebranded as KuCoin Thailand in 2025 following acquisition by KuCoin, illustrating global exchanges entering via licensed local subsidiaries.

Quick answers

Who regulates crypto licensing in Singapore and Thailand?

Singapore: Monetary Authority of Singapore (MAS) - central bank and integrated regulator; administers the PSA, the DTSP regime, the SFA and the stablecoin framework.. Thailand: Securities and Exchange Commission (SEC) Thailand is the primary licensing/supervisory authority; the Ministry of Finance formally grants the licence on SEC recommendation. The Ministry of Digital Economy and Society (MDES) holds blocking powers over unlicensed platforms (added by the 2025 amendment). The Bank of Thailand has a consultative role for certain payment-related and stablecoin aspects..

What licence do you need in Singapore compared with Thailand?

In Singapore the authorisation route 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.; in Thailand it is Digital Asset Business licence under the Emergency Decree on Digital Asset Businesses B.E. 2561 (2018), as amended (most significantly by an April 2025 amendment extending extraterritorial scope). Categories, each with its own capital tier: Digital Asset Exchange, Digital Asset Broker, Digital Asset Dealer, ICO Portal, Digital Asset Fund Manager, Digital Asset Advisory Service and Digital Asset Custodial Wallet Provider.. The comparison table on this page lines the two up dimension by dimension.

Where can I see the full Singapore vs Thailand 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/singapore-vs-thailand.

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Informational only, not legal advice. Every open figure carries its own verification date; verify with qualified counsel before acting.