Nikolai Timofejev
15 years in FinTech and payments. Maps your business model to the right licence scope and leads the file all the way to the MAS decision, including banking and payment rails.
Get a crypto license in Singapore.
Asia's most respected financial centre licenses crypto through MAS - deliberately and selectively. We scope first whether your model fits the Payment Services Act, and build the file that gets approved.
27 yrs
on the international marketon the market
60+
in-house specialistsspecialists
400+
Crypto licenses obtainedlicenses obtained
Updated
Singapore in brief
The selective standard-setter of Asian crypto.
Singapore regulates digital payment token services under the Payment Services Act, with the Monetary Authority of Singapore as licensing authority, and it is deliberately selective: roughly three dozen providers, Coinbase and Circle among them, hold DPT licences. In June 2025 MAS closed the last loophole: firms operating from Singapore for overseas-only clients now need a DTSP licence under the FSM Act, and MAS said plainly it will generally not grant them.
The message is clear - Singapore wants substantive, Singapore-facing businesses, not brass plates. For those, the offer is unmatched in Asia: a regulator whose licence is a global trust mark, 17% corporate tax, no capital gains tax, GST-exempt token transactions and a banking system that actually serves licensed crypto firms. We scope your fit first before you spend a dollar on the application.
Asia's most respected financial centre - MAS licenses crypto deliberately and selectively; since 30 June 2025 offshore-only models need a DTSP licence MAS rarely grants.
For Singapore-facing businesses: a licence that is a global trust mark, 17% corporate tax, no capital gains tax and banking that works. We scope your fit first first.
Licence types
Two licences - one serious regulator.
Crypto activities aimed at the Singapore market run under the Payment Services Act as digital payment token services: the SPI licence for smaller volumes and the MPI licence above the thresholds. The 2025 DTSP regime under the FSM Act covers the opposite case. Operating from Singapore for overseas clients only, and MAS grants it only in extremely limited circumstances.
PSA licences (SPI/MPI) for the Singapore market; the DTSP regime covers offshore-only models.
01 - PSA · SPI / MPI
Digital payment token licence
The working route: a Standard Payment Institution licence up to S$3 million monthly volume, or a Major Payment Institution licence above it. For exchanges, brokers and transfer services aimed at Singapore.
The working route: a Standard Payment Institution licence up to S$3 million monthly volume, or a Major Payment Institution licence above it. For exchanges, brokers and transfer services aimed at Singapore.
- ✓Buying and selling digital payment tokens
- ✓Operating a DPT exchange or brokerage
- ✓DPT transfers and custodial wallet services
- ✓Base capital - S$100,000 SPI · S$250,000 MPI
- ✓MAS conduct, AML and technology-risk rules
- ✓A licence banks and partners trust worldwide
02 - FSM ACT · DTSP
Offshore-only modelsDigital token service providers
Since 30 June 2025, serving only overseas clients from Singapore requires a DTSP licence, and MAS has said it will grant them only in extremely limited circumstances. We tell you outright if this is your case, and re-structure instead.
Offshore-only from Singapore? Since 30 June 2025 that needs a DTSP licence MAS rarely grants. We restructure instead.
- ✓Applies to Singapore-based teams with no local clients
- ✓No grandfathering - the regime took effect 30 June 2025
- ✓MAS: licences granted only in extremely limited cases
- ✓Usual answer: restructure or relocate the entity
- ✓Alternatives we build: PSA scope or an EU/UAE licence
- ✓Scoping settled before any fees are spent
Costs and timelines are confirmed for your case before any work begins. Base capital is S$100,000 for an SPI or S$250,000 for an MPI licence; MAS application fees and third-party costs are itemised in your quote.
Why Singapore
The licence that doubles as a global trust mark.
The framework rests on the Payment Services Act 2019 and the FSM Act 2022, with MAS as the single regulator. Nobody chooses Singapore because it is easy. They choose it because a MAS licence ends every due-diligence argument at once.
✓
A regulator with global weight
MAS runs monetary policy, banking and capital markets in one institution. A DPT licence from it reassures banks, auditors and institutional partners in a way few documents anywhere can.A MAS licence ends due-diligence arguments at banks worldwide.
✓
A deliberately short list
Only around three dozen DPT licences exist. Coinbase, Circle and Independent Reserve among them. Scarcity is the point: admission to the list is itself a competitive moat.~3 dozen DPT licences. Scarcity is a competitive moat.
✓
The 2025 clean-up
Since 30 June 2025 the FSM Act's DTSP regime bars operating from Singapore for overseas-only clients without a licence MAS rarely grants. The era of brass-plate crypto offices is over, which protects the licensed.DTSP regime ended brass-plate offices. Protecting the licensed.
✓
No capital gains tax
Singapore taxes income, not capital gains. Corporate profits bear 17% with startup rebates; disposal gains on long-held tokens are simply outside the net.Income is taxed; long-held disposal gains are not.
✓
GST-exempt tokens
Exchanges of digital payment tokens are exempt from GST. Clean invoicing for exchanges and brokers, with input-tax rules we plan around from day one.DPT trades are GST-exempt since the 2020 reform.
✓
Banking that works
Licensed crypto firms in Singapore actually get bank accounts. Local and international banks serve MAS licensees, which remains the exception, not the rule, in Asia.MAS licensees actually get accounts. Rare in Asia.
How it compares
How Singapore differs from other hubs.
Singapore is the selective end of the spectrum: slower and stricter than the EU desks, but carrying a brand no other Asian licence matches. The real comparison is about what your business needs first. Speed or standing.
Singapore vs other jurisdictions
| Feature |  Singapore | Other jurisdictions |
|---|---|---|
| Regulator | MAS - global benchmark | Varies by market |
| Selectivity | ~3 dozen DPT licences granted | Broader admission |
| Licensing speed | 9-12+ months | 4-7 months at EU desks |
| Taxes | 17% CIT, no capital gains tax | Varies, CGT common |
Regulator
SingaporeMAS - global benchmark
Other jurisdictionsVaries by market
Selectivity
Singapore~3 dozen DPT licences granted
Other jurisdictionsBroader admission
Licensing speed
Singapore9-12+ months
Other jurisdictions4-7 months at EU desks
Taxes
Singapore17% CIT, no capital gains tax
Other jurisdictionsVaries, CGT common
Country by country
| Country | License type | Taxation | Requirements |
|---|---|---|---|
| Singapore | MAS DPT (SPI / MPI) | 17% CIT, no capital gains tax | Selective, 9-12+ months |
 Hong Kong | SFC VATP | 16.5% profits tax | Strict, exchange-focused |
 UAE (Dubai) | VARA VASP | 9% corporate tax, 0% personal | Activity-based, substance required |
 Czech Republic | MiCA CASP (ČNB) | 21% CIT | EU passport, 4-6 months |
SingaporeLicense typeMAS DPT (SPI / MPI)
Taxation17% CIT, no capital gains tax
RequirementsSelective, 9-12+ months
Hong KongLicense typeSFC VATP
Taxation16.5% profits tax
RequirementsStrict, exchange-focused
UAE (Dubai)License typeVARA VASP
Taxation9% corporate tax, 0% personal
RequirementsActivity-based, substance required
Czech RepublicLicense typeMiCA CASP (ČNB)
Taxation21% CIT
RequirementsEU passport, 4-6 months
Before you apply
Requirements for a MAS licence.Requirements for a MAS licence.
MAS assesses a PSA application on substance: who runs the business, how the technology is controlled, and whether AML actually works. The checklist below is what a credible file contains.
01
Singapore company. A Pte. Ltd. with its registered office and permanent place of business in Singapore.
02
Base capital - S$100,000 for an SPI or S$250,000 for an MPI licence, maintained continuously.
03
Executive presence. At least one executive director resident in Singapore; the team MAS interviews must actually run the business.
04
Fit & proper management. Clean records and demonstrated competence for directors, CEO and qualifying shareholders.
05
Business plan. Services, volumes, target clients and financial projections MAS can test.
06
AML/CFT framework. MAS Notice PSN02 compliance, an appointed officer, KYC, monitoring and STR reporting.
07
Technology risk management. MAS TRM Guidelines: security reviews, key management and custody controls, incident response.
08
Safeguarding of client assets. Segregation of customer DPTs and funds, 90%-cold-storage expectations for custody.
09
Audit and governance. Internal audit arrangements, compliance function, annual external audit.
10
Consumer-protection measures. Risk disclosures and the retail-access rules MAS tightened in 2023-2025.
11
The DTSP test. If you operate from Singapore for overseas clients only, expect no licence: restructure the perimeter first.
01
Singapore Pte. Ltd. with a permanent place of business.
02
Base capital - S$100k (SPI) or S$250k (MPI).
03
Resident executive director and a real local team.
04
Fit & proper directors, CEO and shareholders.
05
Business plan MAS can test.
06
AML/CFT under Notice PSN02. Officer, KYC, STRs.
07
Technology risk pack under the TRM Guidelines.
08
Safeguarding. Segregated client DPTs and funds.
09
Audit, compliance function and governance.
10
Consumer-protection measures for retail access.
Reflects the Payment Services Act, MAS notices and guidelines as of 2026. MAS has no statutory clock. Completeness and credibility drive the timeline.Reflects the PSA, MAS notices and guidelines as of 2026. No statutory clock - credibility drives the timeline.
How it works
From first call to a MAS licence.
01
Perimeter and scoping
We map your services to the PSA definitions, test the DTSP trap for offshore models, and fix SPI versus MPI. In writing, before any spend.PSA definitions, the DTSP trap, SPI vs MPI. Fixed in writing.
02
Company and substance
Singapore Pte. Ltd., base capital, resident executive director, office and the hiring plan that makes the application credible.Pte. Ltd., capital, resident director, office and hiring plan.
03
The application file
Business plan, AML/CFT under Notice PSN02, technology-risk pack under the TRM Guidelines, safeguarding and consumer-protection policies.Business plan, PSN02 AML pack, TRM technology pack, safeguarding.
04
MAS review
There is no statutory clock. MAS asks until satisfied, typically 9-12+ months. We answer every clarification and sit the interviews with you.No statutory clock - 9-12+ months of clarifications and interviews.
05
Launch and ongoing compliance
Periodic returns, audit cycle, travel-rule flows and the retail-conduct rules. We keep the licence healthy while you run the business.Returns, audits, travel rule and retail-conduct rules.
Quick facts
RegulatorMAS
FrameworkPSA 2019 · FSM Act 2022
Licence typesSPI · MPI (DPT)
Base capitalS$100k / S$250k
In practice9-12+ months
DTSP regimeFrom 30 June 2025
Local substanceResident director + office
LanguageEnglish throughout
MAS has no statutory deadline. The quality of the file and the team behind it drive the timeline.
On the ground in Singapore
Run from our Singapore office.
Prifinance - Singapore
Singapore
Singapore
01
Scope before promises
We test your model against the PSA perimeter and the DTSP trap before any fees. If Singapore is the wrong first licence, we say so and show the alternative.PSA perimeter and the DTSP trap. Tested before any fees.
02
Singapore company and substance
Pte. Ltd. incorporation, resident director solutions, office and the hiring plan MAS expects to see behind a licence application.Pte. Ltd., resident director, office and hiring plan.
03
The MAS application
Business plan, AML and TRM packs, safeguarding policy. Drafted to MAS notices and defended through every clarification round.Business plan, AML and TRM packs. Defended to decision.
04
Banking and beyond
Accounts with banks that serve MAS licensees, and. Where the strategy calls for it. Parallel licences in the EU or UAE from our other desks.Accounts with banks serving MAS licensees; parallel EU/UAE desks.
We also have offices in
Tallinn
Estonia
Roseni 13
Vilnius
Lithuania
Gedimino pr. 2
Prague
Czech Republic
Vlkova 532/8, Žižkov
London
United Kingdom
7 Bell Yard
Madeira
Portugal
Rua da Alegria 31, 1F
Budapest
Hungary
Korányi Sándor u. 4
Istanbul
Turkey
Perpa Ticaret Merkezi, A Blok
Good to know
Taxation of crypto companies in Singapore.
Singapore taxes income, not capital. A distinction that does most of the work for token businesses. Add GST exemption for digital payment tokens and a treaty network of 90+, and the wrapper explains itself.
Corporate tax 17%
The headline rate, softened by startup and partial exemptions on the first tranches of income. Effective rates for young companies run well below 17%.Startup reliefs push effective rates well below 17%.
No capital gains tax
Gains on disposals of long-held tokens and investments sit outside the tax net entirely; only trading income is taxed as income.Long-held disposal gains sit outside the net.
GST-exempt tokens
Exchanges and transfers of digital payment tokens are exempt from GST. Clean pricing for exchanges and brokers since the 2020 reform.DPT exchanges and transfers are GST-exempt.
No dividend withholding
Singapore levies no withholding tax on dividends. Profits distribute to foreign holding structures without leakage.Profits distribute abroad without leakage.
90+ tax treaties
One of Asia's densest treaty networks keeps cross-border flows predictable, and substance in Singapore makes treaty access real.Asia's densest network. With real substance behind it.
Territorial focus
Foreign-sourced income enjoys reliefs and exemptions when conditions are met. Worth structuring deliberately with the licence.Global crypto reporting. Built into compliance early.
Tax summary
Corporate tax rate17%
Capital gains taxNone
GST on DPT tradesExempt
Dividend withholdingNone
Startup reliefsYes - first income tranches
Tax treaties90+
Crypto reporting (CARF)from 2027
*Figures as of 2026. Trading versus investment characterisation drives the outcome. We model it before you commit.
Turnkey professional support
Experienced lawyers and international consultants.
We provide end-to-end support, from company registration and the application file to regulatory interaction and compliance oversight - with an individualized approach to each client.
Oleksii Kindratenko
Builds the application itself: Singapore Pte. Ltd., AML/KYC policy pack, capital structure and tax registrations. His document sets are the reason reviews finish in months, not years.
Eugeniu Bevziuc
First point of contact for international founders. Runs the whole setup remotely, across time zones and languages - from the first call to a live, MAS-licensed provider.
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Singapore · MAS DPT
Launch your crypto project in Asia with expert support.
Full-service assistance - from Singapore company registration to the MAS licence and banking.
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Is Singapore the right fit for your project?
Our legal team will analyze your case at no cost and provide a written legal opinion: which jurisdiction, licence scope, or structure fits your business.
Written assessment within 2-5 business days
Request a free conclusion →FAQ
The Singapore crypto licence: quick answers.
What licence does a crypto business need in Singapore?+
For services aimed at the Singapore market - a digital payment token licence under the Payment Services Act: SPI up to S$3 million monthly volume, MPI above it. For Singapore-based teams serving only overseas clients, the FSM Act's DTSP regime applies since 30 June 2025, and MAS grants those licences only in extremely limited circumstances.
What capital is required?+
Base capital of S$100,000 for an SPI licence or S$250,000 for an MPI licence, maintained continuously - plus the financial resources to make your projections credible.
How long does licensing take?+
There is no statutory clock. Realistic timelines run 9-12 months or longer, driven by the completeness of the file, MAS clarification rounds and interviews with the team.
What happened on 30 June 2025?+
The FSM Act's DTSP regime took effect: operating from Singapore to serve only overseas clients now requires a licence MAS said it would generally not grant. There was no grandfathering - affected firms restructured or relocated.
Do I need to be physically in Singapore?+
Yes. A Singapore Pte. Ltd. with a permanent place of business, at least one executive director resident in Singapore, and a real local team - MAS interviews the people who actually run the business.
What are the AML and technology requirements?+
AML/CFT under MAS Notice PSN02 - appointed officer, KYC, monitoring, STRs and the travel rule - plus the Technology Risk Management Guidelines: security reviews, key-management and custody controls, incident response.
Can retail clients trade freely?+
With friction - MAS's consumer-access rules restrict incentives, leverage and credit for retail DPT customers, and require risk-awareness assessments. Institutional and accredited business is unaffected.
How is the company taxed?+
17% corporate tax with startup reliefs, no capital gains tax, no dividend withholding, and GST-exempt digital payment token transactions.
Is a Singapore licence worth the wait versus the EU?+
Different tools: an EU CASP opens 27 markets in 4-7 months; a MAS licence opens doors - banks, institutional partners, Asian counterparties - that respond to no other document quite the same way. Many groups end up holding both.
What if my model does not fit the PSA?+
Then we say so before you spend, and re-scope the perimeter, or place the licence in the EU or UAE from our other desks while Singapore hosts the unregulated functions.
What licence do I need?+
PSA DPT licence (SPI/MPI) for the Singapore market; DTSP for offshore-only models - rarely granted.
What capital?+
S$100k for SPI, S$250k for MPI - maintained continuously.
How long?+
No statutory clock; realistically 9-12+ months.
What changed 30 June 2025?+
DTSP regime: offshore-only models need a licence MAS rarely grants.
Do I need local presence?+
Yes - Pte. Ltd., office, resident executive director, real team.
AML and tech rules?+
Notice PSN02 + TRM Guidelines - officer, KYC, custody controls.
Retail restrictions?+
Yes - incentives, leverage and credit are restricted for retail.
Company taxes?+
17% CIT, no CGT, no dividend withholding, GST-exempt DPTs.
Singapore or the EU?+
EU = speed and 27 markets; MAS = standing. Many hold both.
Model doesn't fit the PSA?+
We re-scope or license in the EU/UAE - before you spend.
Client notes
Google4.7★★★★★
Founders who wanted it done right.
Google4.7★★★★★
“As a software development crew at FewMoreTaps OÜ, we've had the pleasure of working with Prifinance on some key financial moves.First of all, navigating the world of corporate banking and finance can be a maze, but Prifinance made it feel like a walk in the park. They helped us set up a corporate bank account without the hassle of jumping on a plane or drowning in paperwork. Everything was done remotely, smoothly…”
Google
“I had their assistance in company registration and I would recommend them. They were answering all my clarification during the process and offering all their supportThank you Daniel and Irinia”
Google
“We found PRIFINANCE COMPANYvia the Internet and asked for help in organizing the opening of their company in Estonia. PRIFINANCE COMPANY specialists helped us a lot with this. Their professional, competent approach and knowledge of their business left us with only the best impressions.”
Google
“I'm thrilled with my experience with PriFinance! They helped me obtain a crypto license in Estonia without any hassle. The team was super understanding and always available to answer my questions and assist. It was great to see how they put effort into preparing the documents to ensure everything went smoothly. I'm delighted with the outcome and highly recommend PriFinance to anyone looking to get a license…”
Google
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Google
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Google
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Get a free legal opinion on your project - our legal team will analyze your case at no cost and provide a written legal opinion: which jurisdiction, licence scope, or route fits your business.Free legal opinion: which licence scope fits your project and what it will cost.
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