🇸🇬 Singapore vs 🇹🇭 Thailand: crypto licensing compared
Singapore and Thailand take recognisably different routes to 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). Distinct categories: Digital Asset Exchange, Digital Asset Broker, Digital Asset Dealer, ICO Portal, and Digital Asset Fund Manager, each with its own capital tier and asset-keeping vs. non-asset-keeping sub-conditions. 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 two regimes differ on 8 of 9 tracked decision dimensions, including capital requirement and timeline to authorisation. The free columns below are open to everyone; the decision figures unlock with a pass, each one dated and sourced.
Singapore: verified 2026-07-01 · Thailand: verified 2026-07-03
| Dimension |
🇸🇬 Singapore
partly open
Verified 2026-07-01
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🇹🇭 Thailand
partly open
Verified 2026-07-03
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|---|---|---|
| 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. | 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). Distinct categories: Digital Asset Exchange, Digital Asset Broker, Digital Asset Dealer, ICO Portal, and Digital Asset Fund Manager, each with its own capital tier and asset-keeping vs. non-asset-keeping sub-conditions. |
| Regulator | Monetary Authority of Singapore (MAS) - central bank and integrated regulator; administers the PSA, the DTSP regime, the SFA and the stablecoin framework. | 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. |
| Capital requirement | Singapore capital requirement is locked. Unlock with the £349 pass. | Thailand capital requirement is locked. Unlock with the £349 pass. |
| Timeline to authorisation | Singapore timeline to authorisation is locked. Unlock with the £349 pass. | Thailand timeline to authorisation is locked. Unlock with the £349 pass. |
| Local substance | Singapore local substance is locked. Unlock with the £349 pass. | Thailand local substance is locked. Unlock with the £349 pass. |
| Application cost | Singapore application cost is locked. Unlock with the £349 pass. | Thailand application cost is locked. Unlock with the £349 pass. |
| Ongoing cost | Singapore ongoing cost is locked. Unlock with the £349 pass. | Thailand ongoing cost is locked. Unlock with the £349 pass. |
| Passporting | Singapore passporting is locked. Unlock with the £349 pass. | Thailand passporting is locked. Unlock with the £349 pass. |
| MiCA CASPs approved | Singapore mica casps approved is locked. Unlock with the £349 pass. | Thailand mica casps approved is locked. Unlock with the £349 pass. |
| Key restrictions | Singapore key restrictions is locked. Unlock with the £349 pass. | Thailand key restrictions is locked. Unlock with 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. | 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. |
| Difficulty rating | Singapore difficulty rating is locked. Unlock with the £349 pass. | Thailand difficulty rating is locked. Unlock with the £349 pass. |
The two regimes differ on 8 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
🇸🇬 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.
🇹🇭 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). Distinct categories: Digital Asset Exchange, Digital Asset Broker, Digital Asset Dealer, ICO Portal, and Digital Asset Fund Manager, each with its own capital tier and asset-keeping vs. non-asset-keeping sub-conditions.. 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.
Informational only, not legal advice. Every open figure carries its own verification date; verify with qualified counsel before acting.