Pin and benchmark
Pin one jurisdiction. Line up to five rivals against it. Deltas show where each peer is better or worse.
Sign in to watch these jurisdictions for changes.
| Dimension |
Pinned 🇸🇬 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. | 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. |
| 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 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. | 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 included in the £349 pass. | Thailand difficulty rating is included in the £349 pass. |
Informational only, not legal advice. A delta compares the sortable figure only (capital, timeline, cost, difficulty, passporting, approvals); it is not a judgement on overall suitability. Verify with qualified counsel before acting.
One-question research
Did this page help you reach the next useful outcome?
No email is collected. An optional short note helps us understand what is missing.