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Singapore

Asia · Comprehensive

Gold standard for principles-based, technology-neutral supervision.

DAI Methodology v2.1 Last updated Q2 2026
DAI Readiness Score™
92.0
out of 100
Regulatory & Enforcement Agencies

Monetary Authority of Singapore

MAS

Digital payment token licensing under the Payment Services Act

Official website Crypto / VASP section
VASP applications: YesSAR reports: No

Suspicious Transaction Reporting Office

STRO

Financial Intelligence Unit — STR reporting

Official website
VASP applications: NoSAR reports: Yes
Regulatory status

Comprehensive

Source
Primary regulator

Monetary Authority of Singapore (MAS)

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Licensing requirements

Payment Services Act 2019 (DPT licensing); Financial Services and Markets Act 2022.

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AML requirements

MAS Notice PSN02; risk-based AML/CFT obligations for DPT service providers.

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Travel Rule status

Implemented — Full FATF R.16 implementation; sub-SGD 1,500 simplified data.

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Tax treatment

No capital gains tax; trading income taxable; GST exemption for DPTs since 2020.

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Consumer protection

Retail access restrictions; ban on DPT advertising in public spaces (Jan 2022).

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Key legislation
2019
Payment Services Act

Foundational DPT licensing regime.

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2022
FSM Act 2022 Part 9

Extra-territorial reach for Singapore-based VASPs.

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Recent developments
2026-04-22
MAS fines Marina Custody S$24m

Client asset commingling breach of safeguarding rules.

Source
2026-01-18
Project Guardian Phase 4

Cross-border tokenised deposit settlement trial launched.

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Primary Sources & Official Documents
  1. 01
    Payment Services Act 2019
    Singapore Statutes Online · 2019, as amended
    https://sso.agc.gov.sg/Act/PSA2019
  2. 02
    MAS digital payment token services regulation
    Monetary Authority of Singapore · Ongoing
    https://www.mas.gov.sg/regulation/payments/digital-payment-token-services
  3. 03
    FATF Recommendations (including Recommendation 15 — new technologies)
    Financial Action Task Force · Updated periodically
    https://www.fatf-gafi.org/en/topics/fatfrecommendations.html
  4. 04
    FATF Targeted Update on Implementation of the Standards on VAs and VASPs
    Financial Action Task Force · Annual
    https://www.fatf-gafi.org/en/publications/Fatfrecommendations.html
  5. 05
    High-Risk and Other Monitored Jurisdictions (grey and black lists)
    Financial Action Task Force · Updated three times a year
    https://www.fatf-gafi.org/en/publications/High-risk-and-other-monitored-jurisdictions.html

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Professional disclaimerDigital Asset Intelligence content is provided for informational purposes only and does not constitute legal, tax, investment, or compliance advice. Regulatory positions change frequently; verify all material with primary sources and qualified counsel before relying on it for licensing, supervisory, or compliance decisions.