Pin and benchmark
Pin the jurisdiction you are leaning towards, then line up to 5 rivals against it. Every unlocked figure shows where a peer beats it or loses to it on capital, timeline, cost and difficulty, so one screen tells you whether your first choice actually holds up.
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| Dimension |
Pinned 🇸🇬 Singapore partly open Verified 2026-07-01
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🇦🇪 United Arab Emirates (Dubai - VARA)
partly open
Verified 2026-07-03
|
|---|---|---|
| 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. | VARA VASP licence under the Virtual Assets and Related Activities Regulations 2023 - licensed PER ACTIVITY (Advisory, Broker-Dealer, Custody, Exchange, Lending & Borrowing, Management & Investment, Transfer & Settlement, plus VA Issuance). A DET/free-zone commercial licence is also required. |
| Regulator | Monetary Authority of Singapore (MAS) - central bank and integrated regulator; administers the PSA, the DTSP regime, the SFA and the stablecoin framework. | VARA (Virtual Assets Regulatory Authority) - sole authority across the Emirate of Dubai except the DIFC. Parallel UAE regimes exist: ADGM/FSRA (Abu Dhabi), DFSA (DIFC), and federal SCA/Central Bank. |
| Capital requirement | Singapore capital requirement is locked. Unlock with the £349 pass. | United Arab Emirates (Dubai - VARA) capital requirement is locked. Unlock with the £349 pass. |
| Timeline to authorisation | Singapore timeline to authorisation is locked. Unlock with the £349 pass. | United Arab Emirates (Dubai - VARA) timeline to authorisation is locked. Unlock with the £349 pass. |
| Local substance | Singapore local substance is locked. Unlock with the £349 pass. | United Arab Emirates (Dubai - VARA) local substance is locked. Unlock with the £349 pass. |
| Application cost | Singapore application cost is locked. Unlock with the £349 pass. | United Arab Emirates (Dubai - VARA) application cost is locked. Unlock with the £349 pass. |
| Ongoing cost | Singapore ongoing cost is locked. Unlock with the £349 pass. | United Arab Emirates (Dubai - VARA) ongoing cost is locked. Unlock with the £349 pass. |
| Passporting | Singapore passporting is locked. Unlock with the £349 pass. | United Arab Emirates (Dubai - VARA) passporting is locked. Unlock with the £349 pass. |
| MiCA CASPs approved | Singapore mica casps approved is locked. Unlock with the £349 pass. | United Arab Emirates (Dubai - VARA) mica casps approved is locked. Unlock with the £349 pass. |
| Key restrictions | Singapore key restrictions is locked. Unlock with the £349 pass. | United Arab Emirates (Dubai - VARA) 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. | 'Rulebook 2.0' reissued all twelve rulebooks effective 19 Jun 2025 (mandatory Travel Rule, wind-down plans, TLPT, a new VA Issuance rulebook). AML circular (Mar 2026) and token-issuance guidance (Apr 2026). VARA penalised ~19 unlicensed firms. |
| Difficulty rating | Singapore difficulty rating is locked. Unlock with the £349 pass. | United Arab Emirates (Dubai - VARA) difficulty rating is locked. Unlock with 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.