licencemap
Informational only, not legal advice. Verify with qualified counsel before acting. Full disclaimer

Matrix / Singapore

🇸🇬 Singapore

MAS, PSA digital payment token licence

Last verified 2026-07-01 Next review 2026-07-15

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 2026-07-01 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

Regulator

Monetary Authority of Singapore (MAS) - central bank and integrated regulator; administers the PSA, the DTSP regime, the SFA and the stablecoin framework.

Verified 2026-07-01 Source: MAS - Licensing for Payment Service Providers: https://www.mas.gov.sg/regulation/payments/licensing-for-payment-service-providers

Capital requirement 🔒

Timeline to authorisation 🔒

Local substance 🔒

Application cost 🔒

Ongoing cost 🔒

Passporting 🔒

MiCA CASPs approved 🔒

Key restrictions 🔒

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 2026-07-01 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

Difficulty rating 🔒

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Informational only, not legal advice. Entries marked as placeholder or awaiting verification must not be relied on. Confirm all requirements with Singapore's regulator and qualified local counsel before acting.