{
 "jurisdiction_id": "SG",
 "jurisdiction": "Singapore",
 "url": "https://cryptoassets.gi/jurisdictions/singapore/",
 "generator": "render_jid v13.3.0",
 "date_modified": "2026-08-17",
 "schema_version": "crypto-v2.0.0",
 "counts": {
  "modules": 8,
  "sourced_findings": 34,
  "source_register": 54
 },
 "modules": [
  {
   "code": "crypto_licensing",
   "name": "Crypto Licensing",
   "confidence": null,
   "moved_this_cycle": false,
   "url": "https://cryptoassets.gi/jurisdictions/singapore/#crypto-licensing-crypto-licensing",
   "standing_position": "Singapore operates a mature domestic digital payment token licensing regime under the Payment Services Act 2019 (in force since January 2020, expanded in scope in April 2024 with a transitional notification/application pathway), layered with a deliberately restrictive extraterritorial Digital Token Service Provider regime under the Financial Services and Markets Act 2022, which took effect 30 June 2025 and under which MAS has signalled it will rarely grant licences to Singapore-based, overseas-only providers. Utility- and governance-token-only providers are exempted from both regimes.",
   "findings": [
    {
     "finding": "Digital payment token (DPT) service providers in Singapore to hold a Standard Payment Institution or Major Payment Institution licence before carrying on DPT services",
     "instrument_type": "law",
     "source": "Payment Services Act 2019",
     "source_url": "https://www.mas.gov.sg/news/media-releases/2020/payment-services-act-comes-into-force",
     "source_tier": "1",
     "retrieved_at": "2026-08-03"
    },
    {
     "finding": "Singapore-based Digital Token Service Providers serving only overseas customers to hold a DTSP licence from 30 June 2025, with MAS stating it will generally not grant such licences given elevated ML supervision risk",
     "instrument_type": "law",
     "source": "Financial Services and Markets Act 2022 (DTSP regime)",
     "source_url": "https://www.mas.gov.sg/news/media-releases/2025/mas-clarifies-regulatory-regime-for-digital-token-service-providers",
     "source_tier": "1",
     "retrieved_at": "2026-08-03"
    },
    {
     "finding": "Providers of services relating only to utility and governance tokens from licensing under either the DTSP or DPT regimes",
     "instrument_type": "regulation",
     "source": "MAS DTSP/DPT regulatory perimeter",
     "source_url": "https://www.mas.gov.sg/news/media-releases/2025/mas-clarifies-regulatory-regime-for-digital-token-service-providers",
     "source_tier": "1",
     "retrieved_at": "2026-08-03"
    },
    {
     "finding": "Entities newly brought into scope by the 2024 amendments (DPT custody, transmission/exchange facilitation, cross-border transfer facilitation) to notify MAS within 30 days of 4 April 2024 and submit a licence application within six months to continue operating transitionally",
     "instrument_type": "law",
     "source": "Payment Services Act 2019 (2024 amendments)",
     "source_url": "https://www.mas.gov.sg/news/media-releases/2024/mas-expands-scope-of-regulated-payment-services",
     "source_tier": "1",
     "retrieved_at": "2026-08-03"
    }
   ]
  },
  {
   "code": "token_classification",
   "name": "Token Classification",
   "confidence": null,
   "moved_this_cycle": false,
   "url": "https://cryptoassets.gi/jurisdictions/singapore/#token-classification-token-classification",
   "standing_position": "Singapore applies a consistent substance-over-form classification test: fungible, non-pegged mediums of exchange are digital payment tokens; capital-markets-characteristic tokens are securities; utility/governance tokens sit outside both perimeters. NFTs are not currently regulated as a category absent embedded capital-markets characteristics. Stablecoins currently classify as DPTs, with a prospective, distinctly labelled 'MAS-regulated stablecoin' category pending legislative codification.",
   "findings": [
    {
     "finding": "A unit of value that is fungible, not denominated in or pegged to any currency, and is/intended to be a medium of exchange, as a digital payment token (DPT)",
     "instrument_type": "law",
     "source": "Payment Services Act 2019",
     "source_url": "https://www.bis.org/fsi/fsibriefs27.pdf",
     "source_tier": "2",
     "retrieved_at": "2026-08-03"
    },
    {
     "finding": "Digital tokens meeting the definition of a capital markets product (e.g., tokenised shares, debentures or business trust units) as securities subject to prospectus, licensing and business-conduct requirements",
     "instrument_type": "law",
     "source": "Securities and Futures Act 2001",
     "source_url": "https://www.mas.gov.sg/-/media/mas/sectors/guidance/guide-on-the-tokenisation-of-capital-markets-products.pdf",
     "source_tier": "1",
     "retrieved_at": "2026-08-03"
    },
    {
     "finding": "Tokens used only as utility or governance tokens without capital-markets or payment characteristics from MAS's licensing and regulatory remit",
     "instrument_type": "guidance",
     "source": "MAS regulatory perimeter",
     "source_url": "https://www.mas.gov.sg/news/media-releases/2025/mas-clarifies-regulatory-regime-for-digital-token-service-providers",
     "source_tier": "1",
     "retrieved_at": "2026-08-03"
    },
    {
     "finding": "NFTs, given the nature of their underlying assets (predominantly digital art and collectibles), applying a technology-neutral look-through stance",
     "instrument_type": "regulator",
     "source": "MAS",
     "source_url": "https://www.mas.gov.sg/news/parliamentary-replies/2022/reply-to-parliamentary-question-on-regulation-of-nft-activities",
     "source_tier": "1",
     "retrieved_at": "2026-08-03"
    },
    {
     "finding": "An NFT possessing capital-markets-product characteristics (e.g., rights to a portfolio of listed shares) subject to prospectus, licensing and business-conduct requirements as a collective investment scheme",
     "instrument_type": "law",
     "source": "Securities and Futures Act 2001",
     "source_url": "https://www.mas.gov.sg/news/parliamentary-replies/2022/reply-to-parliamentary-question-on-regulation-of-nft-activities",
     "source_tier": "1",
     "retrieved_at": "2026-08-03"
    },
    {
     "finding": "Single-currency stablecoins pegged to SGD or a G10 currency, issued in Singapore, as digital payment tokens today, prospectively recognisable as 'MAS-regulated stablecoins' once the framework is codified in primary legislation",
     "instrument_type": "regulation",
     "source": "MAS Stablecoin Regulatory Framework",
     "source_url": "https://www.mas.gov.sg/news/media-releases/2023/mas-finalises-stablecoin-regulatory-framework",
     "source_tier": "1",
     "retrieved_at": "2026-08-03"
    }
   ]
  },
  {
   "code": "on_chain_activity_regime",
   "name": "On-Chain Activity Regime",
   "confidence": null,
   "moved_this_cycle": false,
   "url": "https://cryptoassets.gi/jurisdictions/singapore/#on-chain-activity-regime-on-chain-activity-regime",
   "standing_position": "Retail staking and lending facilitation by DPT service providers has been restricted since mid-2024, with institutional/accredited-investor access preserved. DeFi protocols, mining and validator activity remain outside any bespoke licensing regime; MAS has characterised DeFi smart contracts as unregulated and more vulnerable to attack, but obligations attach only to intermediary DPT service providers, leaving direct DeFi/mining/validator treatment an open regulatory gap.",
   "findings": [
    {
     "finding": "DPT service providers from facilitating the staking of retail customers' DPTs, while permitting staking facilitation for institutional and accredited investors",
     "instrument_type": "regulation",
     "source": "MAS DPT business-conduct requirements",
     "source_url": "https://www.mas.gov.sg/news/media-releases/2023/mas-publishes-investor-protection-measures-for-digital-payment-token-services",
     "source_tier": "1",
     "retrieved_at": "2026-08-03"
    },
    {
     "finding": "DPT service providers from facilitating lending of retail customers' DPTs, permitting such arrangements only for institutional and accredited investors",
     "instrument_type": "regulation",
     "source": "MAS DPT business-conduct requirements",
     "source_url": "https://www.mas.gov.sg/news/media-releases/2023/mas-publishes-investor-protection-measures-for-digital-payment-token-services",
     "source_tier": "1",
     "retrieved_at": "2026-08-03"
    },
    {
     "finding": "A bespoke direct licensing regime for DeFi protocols; obligations attach only to intermediary DPT service providers, with MAS characterising underlying DeFi smart contracts as unregulated and more vulnerable to attack",
     "instrument_type": "regulator",
     "source": "MAS",
     "source_url": "https://www.mas.gov.sg/-/media/mas/news-and-publications/consultation-papers/2022-proposed-regulatory-measures-for-dpt-services/consultation-paper-on-proposed-regulatory-measures-for-digital-payment-token-services-v2.pdf",
     "source_tier": "2",
     "retrieved_at": "2026-08-03"
    }
   ]
  },
  {
   "code": "stablecoin_regime",
   "name": "Stablecoin Regime",
   "confidence": null,
   "moved_this_cycle": false,
   "url": "https://cryptoassets.gi/jurisdictions/singapore/#stablecoin-regime-stablecoin-regime",
   "standing_position": "MAS finalised a stablecoin regulatory policy design in August 2023 covering reserve backing (>=100% par value), redemption at par, disclosure/white-paper and labelling requirements, and a proposed systemic-designation pillar referencing BIS-CPMI/IOSCO PFMI standards. As of a September 2025 parliamentary confirmation, legislative codification into the PS Act remained in preparation, meaning the framework currently operates as announced policy rather than binding statute; a Challenger flag queries whether this status has since moved given the roughly eleven-month gap to this cycle's retrieval date.",
   "findings": [
    {
     "finding": "SCS reserve assets to be valued at least 100% of par value of outstanding SCS, denominated in the peg currency, subject to composition, valuation, custody and audit requirements",
     "instrument_type": "regulation",
     "source": "MAS Stablecoin Regulatory Framework",
     "source_url": "https://www.mas.gov.sg/-/media/mas/news-and-publications/consultation-papers/2022-proposed-regulatory-measures-for-dpt-services/consultation-paper-on-proposed-regulatory-measures-for-digital-payment-token-services-v2.pdf",
     "source_tier": "2",
     "retrieved_at": "2026-08-03"
    },
    {
     "finding": "SCS issuers to ensure timely redemption of SCS at par value to holders",
     "instrument_type": "regulation",
     "source": "MAS Stablecoin Regulatory Framework",
     "source_url": "https://www.mas.gov.sg/-/media/mas/news-and-publications/consultation-papers/2022-proposed-regulatory-measures-for-dpt-services/consultation-paper-on-proposed-regulatory-measures-for-digital-payment-token-services-v2.pdf",
     "source_tier": "2",
     "retrieved_at": "2026-08-03"
    },
    {
     "finding": "Stablecoin issuers to publish a white paper disclosing SCS details including redemption rights, and DPT service providers to clearly label non-MAS-regulated stablecoins to distinguish them from 'MAS-regulated stablecoins'",
     "instrument_type": "regulation",
     "source": "MAS Stablecoin Regulatory Framework",
     "source_url": "https://www.mas.gov.sg/news/media-releases/2023/mas-finalises-stablecoin-regulatory-framework",
     "source_tier": "1",
     "retrieved_at": "2026-08-03"
    },
    {
     "finding": "The 'MAS-regulated stablecoin' label to issuers fulfilling all SCS framework requirements, with financial-penalty or imprisonment consequences for misrepresentation",
     "instrument_type": "regulation",
     "source": "MAS Stablecoin Regulatory Framework",
     "source_url": "https://www.mas.gov.sg/news/media-releases/2023/mas-finalises-stablecoin-regulatory-framework",
     "source_tier": "1",
     "retrieved_at": "2026-08-03"
    },
    {
     "finding": "Enhanced financial and operational requirements referencing BIS-CPMI/IOSCO PFMI standards to key entities of a systemic stablecoin arrangement, potentially designating them for closer supervision",
     "instrument_type": "regulation",
     "source": "MAS Stablecoin Regulatory Framework",
     "source_url": "https://www.mas.gov.sg/-/media/MAS-Media-Library/publications/consultations/PD/2022/Consultation-on-stablecoin-regulatory-approach_FINALISED.pdf",
     "source_tier": "2",
     "retrieved_at": "2026-08-03"
    },
    {
     "finding": "As of September 2025, that legislative amendments to codify the stablecoin framework into the PS Act were still in preparation, with a further public consultation planned, meaning the SCS framework operates on an announced-policy basis pending primary legislation",
     "instrument_type": "regulator",
     "source": "MAS",
     "source_url": "https://www.mas.gov.sg/news/parliamentary-replies/2025/written-reply-to-parliamentary-question-on-impact-of-us-genius-act-on-singapores-competitiveness-for-regulated-digital-assets",
     "source_tier": "1",
     "retrieved_at": "2026-08-03"
    }
   ]
  },
  {
   "code": "consumer_protection",
   "name": "Consumer Protection",
   "confidence": null,
   "moved_this_cycle": false,
   "url": "https://cryptoassets.gi/jurisdictions/singapore/#consumer-protection-consumer-protection",
   "standing_position": "A comprehensive custody, disclosure, suitability, marketing and complaint-handling package for DPT service providers completed its phased commencement between mid-2023 and October 2024, comprising statutory trust-segregation obligations, MAS cold-wallet/multi-party-authorisation expectations, mandatory risk disclosures, retail suitability assessments, a public-marketing restriction, and a local-presence complaint-handling requirement.",
   "findings": [
    {
     "finding": "DPT service providers to segregate customer assets on trust in a trust account, maintain proper records, and implement systems and controls protecting asset integrity and security",
     "instrument_type": "regulation",
     "source": "Payment Services Regulations (as amended)",
     "source_url": "https://www.mas.gov.sg/news/media-releases/2024/mas-expands-scope-of-regulated-payment-services",
     "source_tier": "1",
     "retrieved_at": "2026-08-03"
    },
    {
     "finding": "DPT service providers to hold more than 90% of customer assets in cold wallets where practicable and apply multi-party authorisation controls (e.g., 2-of-3 key shares) before moving customer assets",
     "instrument_type": "guidance",
     "source": "MAS Guidelines PS-G03",
     "source_url": "https://www.mas.gov.sg/-/media/mas-media-library/regulation/guidelines/pso/ps-g03-guidelines-on-consumer-protection-measures-by-digital-payment-token-service-providers/ps-g03_guidelines-on-consumer-protection-safeguards-by-dpt-service-providers_vf.pdf",
     "source_tier": "1",
     "retrieved_at": "2026-08-03"
    },
    {
     "finding": "DPT service providers to provide clear risk disclosures including warnings that customers may not recover monies or DPTs if the provider's business fails",
     "instrument_type": "regulation",
     "source": "MAS DPT business-conduct requirements",
     "source_url": "https://www.mas.gov.sg/news/media-releases/2023/mas-publishes-investor-protection-measures-for-digital-payment-token-services",
     "source_tier": "1",
     "retrieved_at": "2026-08-03"
    },
    {
     "finding": "DPT service providers to assess a retail customer's risk awareness before granting access, and restricts offering financing, margin transactions or trading incentives that could encourage speculation",
     "instrument_type": "regulation",
     "source": "MAS DPT business-conduct requirements",
     "source_url": "https://www.mas.gov.sg/news/media-releases/2023/mas-strengthens-regulatory-measures-for-digital-payment-token-services",
     "source_tier": "1",
     "retrieved_at": "2026-08-03"
    },
    {
     "finding": "DPT service providers should not promote their DPT services to the general public in Singapore",
     "instrument_type": "guidance",
     "source": "MAS Guidelines PS-G02",
     "source_url": "https://www.mas.gov.sg/regulation/guidelines/ps-g02-guidelines-on-provision-of-digital-payment-token-services-to-the-public",
     "source_tier": "1",
     "retrieved_at": "2026-08-03"
    },
    {
     "finding": "Licensees to appoint at least one person present at a Singapore place of business to address user complaints, and to maintain a permanent place of business or registered office in Singapore",
     "instrument_type": "law",
     "source": "Payment Services Act 2019",
     "source_url": "https://www.mas.gov.sg/contact-us/faqs/payments-faqs/payments-service-licensing-faqs",
     "source_tier": "2",
     "retrieved_at": "2026-08-03"
    }
   ]
  },
  {
   "code": "tax_treatment",
   "name": "Tax Treatment",
   "confidence": null,
   "moved_this_cycle": false,
   "url": "https://cryptoassets.gi/jurisdictions/singapore/#tax-treatment-tax-treatment",
   "standing_position": "Digital payment tokens have been exempt from GST since 1 January 2020; Singapore does not impose capital gains tax on token disposals outside a trading business; and IRAS's e-Tax Guide differentiates income tax treatment across utility tokens, ICO proceeds, and airdrop/hard-fork receipts. This cycle's sourcing for these long-stable positions relies on 2014-2020 secondary press reporting rather than independently re-verified current primary IRAS text.",
   "findings": [
    {
     "finding": "Use of digital payment tokens as payment for goods/services, and exchange of DPTs for fiat or other DPTs, from GST since 1 January 2020; fiat-pegged tokens (stablecoins) do not qualify for this exemption",
     "instrument_type": "guidance",
     "source": "IRAS GST guidance / GST Act",
     "source_url": "https://www.coindesk.com/markets/2019/07/08/singapores-tax-agency-proposes-to-exempt-cryptos-from-gst/",
     "source_tier": "4",
     "retrieved_at": "2026-08-03"
    },
    {
     "finding": "Capital gains tax on token disposals; long-term investment gains are non-taxable while trading-business gains are taxed as income",
     "instrument_type": "guidance",
     "source": "Singapore tax regime",
     "source_url": "https://www.coindesk.com/markets/2014/01/09/singapore-government-this-is-how-we-intend-to-tax-bitcoin",
     "source_tier": "4",
     "retrieved_at": "2026-08-03"
    },
    {
     "finding": "Tax treatment of payment, utility and security tokens; utility-token receipts are treated as non-taxable prepayment to the recipient, while ICO proceeds from utility/payment tokens are generally taxable revenue to the issuer",
     "instrument_type": "guidance",
     "source": "IRAS e-Tax Guide on Digital Tokens",
     "source_url": "https://www.coindesk.com/markets/2020/04/20/singapore-wont-tax-airdrops-or-hard-forks-under-new-crypto-guidance",
     "source_tier": "4",
     "retrieved_at": "2026-08-03"
    },
    {
     "finding": "Income tax on airdropped payment tokens or hard-fork-derived tokens, treating them as non-taxable windfalls, though subsequent transactions remain taxable",
     "instrument_type": "regulator",
     "source": "IRAS",
     "source_url": "https://www.coindesk.com/markets/2020/04/20/singapore-wont-tax-airdrops-or-hard-forks-under-new-crypto-guidance",
     "source_tier": "4",
     "retrieved_at": "2026-08-03"
    }
   ]
  },
  {
   "code": "cross_border_transfer",
   "name": "Cross-Border Transfer",
   "confidence": null,
   "moved_this_cycle": false,
   "url": "https://cryptoassets.gi/jurisdictions/singapore/#cross-border-transfer-cross-border-transfer",
   "standing_position": "MAS Notice PSN02 requires travel-rule-compliant transmission of originator/beneficiary information for cross-border DPT transfers, refreshed via June 2025 AMLD-amended guidelines, alongside sanctions and counter-terrorism-financing obligations. The 2024 PS Act amendments extended licensing to cross-border transfer facilitation, including facilitation where funds are not received in Singapore, without imposing any outbound capital-control restriction.",
   "findings": [
    {
     "finding": "DPT service providers effecting cross-border DPT value transfers to transmit originator and beneficiary information to the beneficiary VASP immediately and securely, consistent with FATF Recommendation 16 (travel rule)",
     "instrument_type": "regulation",
     "source": "MAS Notice PSN02",
     "source_url": "https://www.mas.gov.sg/-/media/MAS/Regulations-and-Financial-Stability/Regulations-Guidance-and-Licensing/Payment-Service-Providers/Strengthening-AMLCFT-Controls-of-Digital-Payment-Token-Service-Providers.pdf",
     "source_tier": "2",
     "retrieved_at": "2026-08-03"
    },
    {
     "finding": "Enhanced risk-mitigating measures, such as additional counterparty due diligence, for DPT transfers to private or unregulated wallets",
     "instrument_type": "regulation",
     "source": "MAS Notice PSN02",
     "source_url": "https://www.mas.gov.sg/-/media/MAS/Regulations-and-Financial-Stability/Regulations-Guidance-and-Licensing/Payment-Service-Providers/Strengthening-AMLCFT-Controls-of-Digital-Payment-Token-Service-Providers.pdf",
     "source_tier": "2",
     "retrieved_at": "2026-08-03"
    },
    {
     "finding": "Payment service providers, including DPT service providers, to comply with targeted financial sanctions (currently covering DPRK and Iran) and TSOFA counter-terrorism-financing obligations",
     "instrument_type": "law",
     "source": "FSM Sanctions Regulations / Terrorism (Suppression of Financing) Act",
     "source_url": "https://www.mas.gov.sg/-/media/amld-amendments---30-june-2025/guidelines-to-mas-notice-psn02.pdf",
     "source_tier": "1",
     "retrieved_at": "2026-08-03"
    },
    {
     "finding": "A general outbound capital-control restriction on cross-border DPT transfers by licensed providers; the 2024 amendments extended licensing to cross-border transfer facilitation rather than restricting such transfers outright",
     "instrument_type": "law",
     "source": "Payment Services Act 2019 (2024 amendments)",
     "source_url": "https://www.mas.gov.sg/news/media-releases/2024/mas-expands-scope-of-regulated-payment-services",
     "source_tier": "1",
     "retrieved_at": "2026-08-03"
    },
    {
     "finding": "Cross-border money transfer service regulation to facilitation of transfers between other countries even where funds are not received in Singapore, bringing such facilitation within PS Act licensing and reporting obligations",
     "instrument_type": "law",
     "source": "Payment Services Act 2019 (2024 amendments)",
     "source_url": "https://www.mas.gov.sg/news/media-releases/2024/mas-expands-scope-of-regulated-payment-services",
     "source_tier": "1",
     "retrieved_at": "2026-08-03"
    }
   ]
  },
  {
   "code": "aml_cft_regime",
   "name": "AML/CFT Regime",
   "confidence": null,
   "moved_this_cycle": false,
   "url": "https://cryptoassets.gi/jurisdictions/singapore/#aml-cft-regime-aml-cft-regime",
   "standing_position": "AML/CFT for crypto is carried as a subscribed surface under the fleet's module-subscription consolidation: financial-integrity performs the original AML/CFT analysis, and no distinct claims are minted in this crypto baseline for this module. Substantive travel-rule and sanctions obligations relevant to crypto are instead reflected under cross_border_transfer, with a cross-monitor flag routing analytical ownership to financial-integrity.",
   "findings": []
  }
 ]
}