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Singapore — Licensing Requirements

Published: 2026-04-15 Updated: 2026-09-09 Researched: 2026-09-09 Author: local/granite4.1 Version 3 Sources cited in: English (16)

Methodology

AI-generated research via Perplexity Sonar web search.

Limitations

  • Sources not independently verified
  • May not reflect latest regulatory changes

RESEARCH: Source "MAS Licensed DPT Service Providers" content changed at https://eservices.mas.gov.s

Executive Summary

CLAIMS

CLAIMS

  • The MAS Licensed DPT Service Providers list on https://eservices.mas.gov.sg/fid/institution?sector=DPT reflects the regulatory body responsible for overseeing digital payment transactions in Singapore, ensuring compliance with financial regulations and consumer protection standards. Singapore - Licensing Requirements for Professional Services
  • The Singapore Tourism Board (STB) manages licensing for various tourism-related services, including cruise terminals, hotels, travel agents, and tourist guides, under statutes such as the Hotels Act 1954 and the Singapore Tourism Board Act 1963. Overview of Licensing | Singapore Tourism Board
  • The Monetary Authority of Singapore (MAS) provides guidelines for submitting applications related to licensing frameworks, including criteria for compliance and substance requirements for regulated entities such as Single-Family Offices (SFOs). Guidelines on submission of application for
  • The LTA.GOV.SG website undergoes scheduled maintenance on Wednesday 9 September 2026 from 12:00am to 2:00am, impacting service availability during this period. LTA | Maintenance
  • Bestar outlines the regulatory exemption conditions and MAS substance requirements for setting up a Single-Family Office (SFO) in Singapore, detailing licensing exemptions under the Securities and Futures Act (SFA) and tax exemption schemes under Sections 13O and 13U of the Income Tax Act. Setting Up Wealth Management Company in Singapore

Note: No direct claim about changes to the MAS Licensed DPT Service Providers list is provided because the requested source (https://eservices.mas.gov.sg/fid/institution?sector=DPT) was not part of the collected facts. The claims are derived from related regulatory and operational sources as instructed.

Regulatory Framework

Licensing Requirements

AML/KYC Requirements

Enforcement Actions

Tax Treatment

Key Gaps & Risks

Sources

Source Data

80%

MAS — All DPT service regulation, PSA licensing, AML/CFT, stablecoin framework, TRM guidelines

[primary] MAS [secondary] Auto-validated source
80%

ACRA — Company registration and corporate compliance

[primary] ACRA [secondary] Auto-validated source
80%

Payment Services Act 2019 (2019) — DPT service licensing — MPI/SPI licenses

2019
[secondary] Auto-validated source
80%

Securities and Futures Act (2001) — Security tokens, CMS licensing

2001
[secondary] Auto-validated source
80%

MAS AML/CFT Notices (PSN01, PSN02) — AML/CFT requirements for DPT service providers; amendments effective July 2025

2020
[secondary] Auto-validated source
80%

MAS Technology Risk Management Guidelines (2021) — Cybersecurity, data protection, operational resilience

2021
[secondary] Auto-validated source
80%

VASP: Major Payment Institution (MPI) license for DPT services. SGD 250,000 base capital (~$185K USD). 170+ applications received, only ~20-30 full MPI licenses granted. SPI option: SGD 100,000 base capital with transaction limits (SGD 3M single/SGD 6M aggregate). Must have Singapore entity, resident director, local compliance officer, physical office.

[secondary] Auto-validated source
80%

CUSTODY: Included under DPT MPI license. Customer asset segregation mandatory (statutory trust since 2024). Security deposits (SGD 100K-200K) required.

[secondary] Auto-validated source
80%

EXCHANGE: MPI license. MAS explicitly discourages retail crypto speculation — marketing to general public prohibited (Jan 2022), no incentive programs, no ATMs in public areas. Stablecoin issuers must maintain 100%+ reserves in cash/equivalents at SG-licensed institutions.

[secondary] Auto-validated source
80%

Inland Revenue Authority of Singapore (IRAS): Singapore's principal tax administrator, responsible for the administration of income tax, Goods and Services Tax (GST), property tax, and other taxes. IRAS issues guidelines on the tax treatment of digital tokens and related activities.

[primary] Source [primary] Source
80%

Dealing in DPTs: Buying or selling DPTs for fiat currency or other DPTs, where the service provider takes on principal risk.

[primary] MAS Payment Services Act (PSA) [primary] MAS FAQs on the Payment Services Act (particularly Section 2.3 for DPTs) [primary] MAS Guidelines on Licensing, Reporting and Other Requirements for DPT Service Providers [primary] MAS Finalises Regulatory Framework for Single-Currency Stablecoins (Media Release, 2023)
80%

DPT Transfer Services: Accepting DPTs from one person and transmitting them to another person's account, or arranging for such transmission. This includes services for the transfer of DPTs which are domiciled in Singapore or outside Singapore where the service provider has a presence in Singapore.

[primary] MAS Payment Services Act (PSA) [primary] MAS FAQs on the Payment Services Act (particularly Section 2.3 for DPTs) [primary] MAS Guidelines on Licensing, Reporting and Other Requirements for DPT Service Providers [primary] MAS Finalises Regulatory Framework for Single-Currency Stablecoins (Media Release, 2023)
80%

Safeguarding DPTs: Providing custodial services for DPTs on behalf of customers.

[primary] MAS Payment Services Act (PSA) [primary] MAS FAQs on the Payment Services Act (particularly Section 2.3 for DPTs) [primary] MAS Guidelines on Licensing, Reporting and Other Requirements for DPT Service Providers [primary] MAS Finalises Regulatory Framework for Single-Currency Stablecoins (Media Release, 2023)
80%

Providing financial advisory services in respect of DPTs: Providing advice concerning DPTs (though this typically falls under a separate financial advisory license if the DPT is considered a capital markets product).

[primary] MAS Payment Services Act (PSA) [primary] MAS FAQs on the Payment Services Act (particularly Section 2.3 for DPTs) [primary] MAS Guidelines on Licensing, Reporting and Other Requirements for DPT Service Providers [primary] MAS Finalises Regulatory Framework for Single-Currency Stablecoins (Media Release, 2023)
80%

Standard Payment Institution (SPI) License: Required if the average monthly transaction volume does not exceed S$3 million for any single payment service, or S$6 million for two or more payment services.

[primary] MAS Payment Services Act (PSA) [primary] MAS FAQs on the Payment Services Act (particularly Section 2.3 for DPTs) [primary] MAS Guidelines on Licensing, Reporting and Other Requirements for DPT Service Providers [primary] MAS Finalises Regulatory Framework for Single-Currency Stablecoins (Media Release, 2023)
80%

Major Payment Institution (MPI) License: Required if the average monthly transaction volume exceeds S$3 million for any single payment service, or S$6 million for two or more payment services. This is the more common license for larger DPT service providers.

[primary] MAS Payment Services Act (PSA) [primary] MAS FAQs on the Payment Services Act (particularly Section 2.3 for DPTs) [primary] MAS Guidelines on Licensing, Reporting and Other Requirements for DPT Service Providers [primary] MAS Finalises Regulatory Framework for Single-Currency Stablecoins (Media Release, 2023)
80%

Fit and Proper Requirements: Applicants, directors, and executive officers must meet MAS's fit and proper criteria.

[primary] MAS Payment Services Act (PSA) [primary] MAS FAQs on the Payment Services Act (particularly Section 2.3 for DPTs) [primary] MAS Guidelines on Licensing, Reporting and Other Requirements for DPT Service Providers [primary] MAS Finalises Regulatory Framework for Single-Currency Stablecoins (Media Release, 2023)
80%

Anti-Money Laundering (AML) / Countering the Financing of Terrorism (CFT) Policies: Robust policies and procedures aligned with MAS Notice PSN02 and FATF recommendations.

[primary] MAS Payment Services Act (PSA) [primary] MAS FAQs on the Payment Services Act (particularly Section 2.3 for DPTs) [primary] MAS Guidelines on Licensing, Reporting and Other Requirements for DPT Service Providers [primary] MAS Finalises Regulatory Framework for Single-Currency Stablecoins (Media Release, 2023)
80%

Local Presence: A permanent physical presence in Singapore (e.g., office).

[primary] MAS Payment Services Act (PSA) [primary] MAS FAQs on the Payment Services Act (particularly Section 2.3 for DPTs) [primary] MAS Guidelines on Licensing, Reporting and Other Requirements for DPT Service Providers [primary] MAS Finalises Regulatory Framework for Single-Currency Stablecoins (Media Release, 2023)
80%

Technology Risk Management: Adequate cybersecurity and technology risk management frameworks.

[primary] MAS Payment Services Act (PSA) [primary] MAS FAQs on the Payment Services Act (particularly Section 2.3 for DPTs) [primary] MAS Guidelines on Licensing, Reporting and Other Requirements for DPT Service Providers [primary] MAS Finalises Regulatory Framework for Single-Currency Stablecoins (Media Release, 2023)
80%

Business Plan: A comprehensive business plan outlining proposed activities, target customers, and operational setup.

[primary] MAS Payment Services Act (PSA) [primary] MAS FAQs on the Payment Services Act (particularly Section 2.3 for DPTs) [primary] MAS Guidelines on Licensing, Reporting and Other Requirements for DPT Service Providers [primary] MAS Finalises Regulatory Framework for Single-Currency Stablecoins (Media Release, 2023)
80%

Compliance Arrangements: Adequate internal controls and compliance arrangements.

[primary] MAS Payment Services Act (PSA) [primary] MAS FAQs on the Payment Services Act (particularly Section 2.3 for DPTs) [primary] MAS Guidelines on Licensing, Reporting and Other Requirements for DPT Service Providers [primary] MAS Finalises Regulatory Framework for Single-Currency Stablecoins (Media Release, 2023)
80%

MAS FAQs on the Payment Services Act (particularly Section 2.3 for DPTs)

[primary] MAS Payment Services Act (PSA) [primary] MAS FAQs on the Payment Services Act (particularly Section 2.3 for DPTs) [primary] MAS Guidelines on Licensing, Reporting and Other Requirements for DPT Service Providers [primary] MAS Finalises Regulatory Framework for Single-Currency Stablecoins (Media Release, 2023)
80%

MAS Guidelines on Licensing, Reporting and Other Requirements for DPT Service Providers (See specifically Notice PSN02, Appendix 2)

[primary] MAS Payment Services Act (PSA) [primary] MAS FAQs on the Payment Services Act (particularly Section 2.3 for DPTs) [primary] MAS Guidelines on Licensing, Reporting and Other Requirements for DPT Service Providers [primary] MAS Finalises Regulatory Framework for Single-Currency Stablecoins (Media Release, 2023)
80%

Peg Stability: Maintain a stable value against the pegged currency.

[primary] MAS Payment Services Act (PSA) [primary] MAS FAQs on the Payment Services Act (particularly Section 2.3 for DPTs) [primary] MAS Guidelines on Licensing, Reporting and Other Requirements for DPT Service Providers [primary] MAS Finalises Regulatory Framework for Single-Currency Stablecoins (Media Release, 2023)
80%

Reserve Assets: Hold reserve assets with high liquidity and low risk, separate from the issuer's own assets, and fully backing the SCS.

[primary] MAS Payment Services Act (PSA) [primary] MAS FAQs on the Payment Services Act (particularly Section 2.3 for DPTs) [primary] MAS Guidelines on Licensing, Reporting and Other Requirements for DPT Service Providers [primary] MAS Finalises Regulatory Framework for Single-Currency Stablecoins (Media Release, 2023)
80%

Redemption at Par: Ensure redemption at par value within a short period.

[primary] MAS Payment Services Act (PSA) [primary] MAS FAQs on the Payment Services Act (particularly Section 2.3 for DPTs) [primary] MAS Guidelines on Licensing, Reporting and Other Requirements for DPT Service Providers [primary] MAS Finalises Regulatory Framework for Single-Currency Stablecoins (Media Release, 2023)
80%

Disclosure: Provide clear information to users on the SCS's characteristics, rights of SCS holders, and audit results of reserve assets.

[primary] MAS Payment Services Act (PSA) [primary] MAS FAQs on the Payment Services Act (particularly Section 2.3 for DPTs) [primary] MAS Guidelines on Licensing, Reporting and Other Requirements for DPT Service Providers [primary] MAS Finalises Regulatory Framework for Single-Currency Stablecoins (Media Release, 2023)
80%

Capital Requirements: Specific capital requirements for SCS issuers.

[primary] MAS Payment Services Act (PSA) [primary] MAS FAQs on the Payment Services Act (particularly Section 2.3 for DPTs) [primary] MAS Guidelines on Licensing, Reporting and Other Requirements for DPT Service Providers [primary] MAS Finalises Regulatory Framework for Single-Currency Stablecoins (Media Release, 2023)
80%

Technology Risk: Implement robust technology risk management.

[primary] MAS Payment Services Act (PSA) [primary] MAS FAQs on the Payment Services Act (particularly Section 2.3 for DPTs) [primary] MAS Guidelines on Licensing, Reporting and Other Requirements for DPT Service Providers [primary] MAS Finalises Regulatory Framework for Single-Currency Stablecoins (Media Release, 2023)
80%

MAS Finalises Regulatory Framework for Single-Currency Stablecoins (Media Release, 2023)

[primary] MAS Payment Services Act (PSA) [primary] MAS FAQs on the Payment Services Act (particularly Section 2.3 for DPTs) [primary] MAS Guidelines on Licensing, Reporting and Other Requirements for DPT Service Providers [primary] MAS Finalises Regulatory Framework for Single-Currency Stablecoins (Media Release, 2023)
80%

Ministry of Law: Oversees AML/CFT for non-MAS-licensed entities with reporting obligations.

[primary] mas.gov.sg — News
80%

Singapore Police Force (STRO): Handles cybercrime and suspicious transaction reports for digital assets.

[primary] mas.gov.sg — News
80%

Payment Services Act 2019 (PSA): Core law regulating DPT services (e.g., exchanges, wallets); requires Major Payment Institution licenses; effective January 2020.

[primary] mas.gov.sg — News
80%

Securities and Futures Act 2001 (SFA): Applies to crypto resembling securities or capital markets products; governs ICOs needing Capital Markets Services licenses.

[primary] mas.gov.sg — News
80%

Financial Services and Markets Act 2022 (FSMA): Regulates digital token service providers, including Singapore-based entities serving overseas customers (licensing from June 30, 2025); October 2024 MAS consultation on AML/CFT, tech risks.

[primary] mas.gov.sg — News
80%

Notice PSN02 (MAS): Details crypto AML regulations, including Travel Rule compliance.

[primary] mas.gov.sg — News
80%

Additional: Corruption, Drug Trafficking and Other Serious Crimes Act for suspicious transaction reporting.

[primary] mas.gov.sg — News
80%

Full PSA/SFA/FSMA texts via Singapore Statutes Online (statutes.agc.gov.sg). Legal advice recommended for specific activities.

[primary] mas.gov.sg — News
70%

Overview of Singapore's regulatory environment for licensing and authorisation, emphasizing key requirements and recent developments.

[primary] Singapore - Licensing Requirements for Professional Services
70%

The Monetary Authority of Singapore (MAS) oversees financial licensing and authorisation in Singapore.

[primary] Overview of Licensing | Singapore Tourism Board
70%

Professional services require specific licenses; details available in the MAS guidelines.

[primary] Singapore - Licensing Requirements for Professional Services [secondary] Setting Up Wealth Management Company in Singapore
70%

Setting up a wealth management company involves compliance with MAS regulations and obtaining necessary authorisations.

[primary] Singapore - Licensing Requirements for Professional Services [secondary] Setting Up Wealth Management Company in Singapore
50%

Anti-Money Laundering (AML) and Know Your Customer (KYC) protocols are mandatory for licensed financial entities in Singapore.

[secondary] Fintech Licensing Singapore | MAS Approval Process | Arnifi
50%

The MAS enforces licensing compliance through audits, penalties, and revocation of licenses for non-compliance.

[secondary] Singapore - Franchising & Licensing
50%

Tax implications for licensed financial activities are outlined in Singapore's tax guidelines, affecting profit and revenue streams.

[secondary] Blockchain & Cryptocurrency Laws 2026 | Singapore
50%

Emerging fintech innovations pose regulatory gaps; ongoing MAS updates aim to address these challenges.

[secondary] Blockchain & Cryptocurrency Laws 2026 | Singapore [secondary] Payment Services License in Singapore | LegalWrapper
70%

Singapore - Licensing Requirements for Professional Services

[primary] Singapore - Licensing Requirements for Professional Services [primary] Overview of Licensing | Singapore Tourism Board [secondary] Setting Up Wealth Management Company in Singapore [secondary] Fintech Licensing Singapore | MAS Approval Process | Arnifi [secondary] Singapore - Franchising & Licensing [secondary] Blockchain & Cryptocurrency Laws 2026 | Singapore [secondary] Payment Services License in Singapore | LegalWrapper
70%

Overview of Licensing | Singapore Tourism Board

[primary] Singapore - Licensing Requirements for Professional Services [primary] Overview of Licensing | Singapore Tourism Board [secondary] Setting Up Wealth Management Company in Singapore [secondary] Fintech Licensing Singapore | MAS Approval Process | Arnifi [secondary] Singapore - Franchising & Licensing [secondary] Blockchain & Cryptocurrency Laws 2026 | Singapore [secondary] Payment Services License in Singapore | LegalWrapper
70%

Setting Up Wealth Management Company in Singapore

[primary] Singapore - Licensing Requirements for Professional Services [primary] Overview of Licensing | Singapore Tourism Board [secondary] Setting Up Wealth Management Company in Singapore [secondary] Fintech Licensing Singapore | MAS Approval Process | Arnifi [secondary] Singapore - Franchising & Licensing [secondary] Blockchain & Cryptocurrency Laws 2026 | Singapore [secondary] Payment Services License in Singapore | LegalWrapper
70%

Fintech Licensing Singapore | MAS Approval Process | Arnifi

[primary] Singapore - Licensing Requirements for Professional Services [primary] Overview of Licensing | Singapore Tourism Board [secondary] Setting Up Wealth Management Company in Singapore [secondary] Fintech Licensing Singapore | MAS Approval Process | Arnifi [secondary] Singapore - Franchising & Licensing [secondary] Blockchain & Cryptocurrency Laws 2026 | Singapore [secondary] Payment Services License in Singapore | LegalWrapper
70%

Singapore - Franchising & Licensing

[primary] Singapore - Licensing Requirements for Professional Services [primary] Overview of Licensing | Singapore Tourism Board [secondary] Setting Up Wealth Management Company in Singapore [secondary] Fintech Licensing Singapore | MAS Approval Process | Arnifi [secondary] Singapore - Franchising & Licensing [secondary] Blockchain & Cryptocurrency Laws 2026 | Singapore [secondary] Payment Services License in Singapore | LegalWrapper
70%

Blockchain & Cryptocurrency Laws 2026 | Singapore

[primary] Singapore - Licensing Requirements for Professional Services [primary] Overview of Licensing | Singapore Tourism Board [secondary] Setting Up Wealth Management Company in Singapore [secondary] Fintech Licensing Singapore | MAS Approval Process | Arnifi [secondary] Singapore - Franchising & Licensing [secondary] Blockchain & Cryptocurrency Laws 2026 | Singapore [secondary] Payment Services License in Singapore | LegalWrapper
70%

Payment Services License in Singapore | LegalWrapper

[primary] Singapore - Licensing Requirements for Professional Services [primary] Overview of Licensing | Singapore Tourism Board [secondary] Setting Up Wealth Management Company in Singapore [secondary] Fintech Licensing Singapore | MAS Approval Process | Arnifi [secondary] Singapore - Franchising & Licensing [secondary] Blockchain & Cryptocurrency Laws 2026 | Singapore [secondary] Payment Services License in Singapore | LegalWrapper

54 fact(s) collected but awaiting source verification. View in explorer →

References

This article was generated by local/granite4.1 .

Primary Sources

Monetary Authority of Singapore. (n.d.). Payment Services Act 2019. Retrieved April 18, 2026, from https://www.mas.gov.sg/regulation/acts-and-rules/payment-services-act-2019

Monetary Authority of Singapore. (n.d.). Licensing Requirements For Dpt Services. Retrieved April 18, 2026, from https://www.mas.gov.sg/regulation/licensing-and-registration/licensing-requirements-for-dpt-services

Monetary Authority of Singapore. (n.d.). Licensing Requirements For Money Changing And Payment Services. Retrieved April 18, 2026, from https://www.mas.gov.sg/regulation/licensing-and-registration/licensing-requirements-for-money-changing-and-payment-services

Monetary Authority of Singapore. (n.d.). PSA Licensing Guide. Retrieved April 18, 2026, from https://www.mas.gov.sg/-/media/MAS/Regulations-and-Financial-Stability/Regulations-Guidance-and-Licensing/PSA/PSA-Licensing-Guide.pdf

Monetary Authority of Singapore. (n.d.). Financial Institutions Directory. Retrieved April 18, 2026, from https://www.mas.gov.sg/financial-institutions-directory

trade.gov. (n.d.). Singapore - Licensing Requirements for Professional Services. Retrieved September 9, 2026, from https://www.trade.gov/country-commercial-guides/singapore-licensing-requirements-professional-services

stb.gov.sg. (n.d.). Overview of Licensing | Singapore Tourism Board. Retrieved September 9, 2026, from https://www.stb.gov.sg/licensing-support/licenses/overview-of-licensing/

imda.gov.sg. (n.d.). Guidelines on submission of application for. Retrieved September 10, 2026, from https://www.imda.gov.sg/-/media/imda/files/regulation-licensing-and-consultations/frameworks-and-policies/spectrum-management-and-coordination/spectrum-rights-auctions-assigment/guidemtriallic.pdf

lta.gov.sg. (n.d.). LTA | Maintenance. Retrieved September 10, 2026, from https://www.lta.gov.sg/wwwlta/ltagov_maintenance/maintenance.html

eservices.mas.gov.s. (n.d.). eservices.mas.gov.s. Retrieved September 10, 2026, from https://eservices.mas.gov.s

eservices.mas.gov.sg. (n.d.). eservices.mas.gov.sg. Retrieved September 10, 2026, from https://eservices.mas.gov.sg/fid/institution?sector=DPT

Secondary Sources

bestar-sg.com. (n.d.). Setting Up Wealth Management Company in Singapore. Retrieved September 9, 2026, from https://www.bestar-sg.com/post/setting-up-wealth-management-company-in-singapore

arnifi.com. (n.d.). Fintech Licensing Singapore | MAS Approval Process | Arnifi. Retrieved September 9, 2026, from https://arnifi.com/blog/fintech-singapore-licensing-mas-approval-process-guide/

referenceworks.brill.com. (n.d.). Singapore - Franchising & Licensing. Retrieved September 9, 2026, from https://referenceworks.brill.com/doi/10.1163/2213-2996_flg_COM_168108

globallegalinsights.com. (n.d.). Blockchain & Cryptocurrency Laws 2026 | Singapore. Retrieved September 9, 2026, from https://www.globallegalinsights.com/practice-areas/blockchain-cryptocurrency-laws-and-regulations/singapore/

legalwrapper.io. (n.d.). Payment Services License in Singapore | LegalWrapper. Retrieved September 9, 2026, from https://www.legalwrapper.io/guides/singapore-crypto-license-guide/

Conflict of Interest

Generated by AI with no financial interest in entities mentioned.

Edit History

2026-04-15 — auto-publish: published — Grade A/B auto-promoted
2026-04-15 — perplexity/sonar: created
2026-09-09 — refresh-from-research: refreshed — Refreshed from docs/research/sg-licensing.md (researched 2026-09-08); grade A → A
2026-09-09 — auto-publish-pipeline: published — Auto-published: grade A
2026-09-10 — refresh-from-research: refreshed — Refreshed from docs/research/sg-licensing.md (researched 2026-09-09); grade A → A

Related Content

Frameworks: vasp-casp-licensing
Fact IDs: sg.licensing.regulator-mas, sg.licensing.regulator-acra, sg.licensing.legislation-payment-services-act-2019, sg.licensing.legislation-securities-and-futures-act, sg.licensing.legislation-mas-aml-cft-notices-psn01-psn02, sg.licensing.legislation-mas-technology-risk-management-guidelines, sg.licensing.vasp, sg.licensing.custody, sg.licensing.exchange, sg.licensing.monetary-authority-of-singapore-mas

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