by jiawen
Share
Share
Cryptocurrencies have become a debate topic among government agencies, lawmakers and individuals with extensive knowledge in cryptocurrencies and blockchain technology. Despite the uncertainty and volatility of the crypto market, more and more people are willing to take on the risks and pursue this new opportunity. Their involvements include the development of alternative digital payment tokens or the use of cryptocurrencies as a medium of exchange.
As one of the key financial hubs in the world, Singapore has attracted many tech-savvy investors to hold cryptocurrencies in their investment portfolios. On the other hand, a group of companies are providing a trading platform to help other investors with cryptocurrency exchange. So, what are Singapore’s cryptocurrency regulations? Recently, the Monetary Authority of Singapore (MAS) has released the Payment Services (Amendment) Bill on 4 January 2021. It requires digital payment tokens (DPT) service providers to obtain a Payment Service Provider (PSP) licence and comply with AML/CFT requirements set by MAS.
Based on a recent news published on Bloomberg, since the commencement of PS Act in year 2020, MAS has received more than 300 applications from DPT service providers. As the industry is still in its infancy, MAS takes a very cautious approach in assessing the applicants’ internal policies and procedures to ensure that all the licensed service providers are able to meet the required standards. MAS has mentioned in a statement that failure to meet the AML/CFT standards and poor technology risk controls are the common reasons why the licence application get rejected. Hence, it is crucial for the licence applicants to comply with the regulatory standards and develop a strong technology risk management plan before applying for the licence.
Recent Updates
In August 2021, DBS Vickers is one of the first few applicants received the in-principal approval from MAS to operate as DPT service provider. This is indeed a good news to companies that have keen interest in the cryptocurrency market and intend to apply for a PSP licence with MAS. In brief, cryptocurrencies can gain mainstream acceptance and shape the future of Fintech when there are adequate security measures in place to manage the potential risks and vulnerabilities associated with the digital assets.
How We Can Help
In Alder, we help licence applicants to understand what admission criteria MAS is looking for and provide guidance to drive regulatory compliance, including:
- Offer Useful Advice on the Specific Licence Requirements
- Assist with the PSP Licence Application
- Review the Submission Documents (Form 1 and the supporting documents)
- Liaise with MAS on Licence Application-related matters
- Provide On-going Compliance Support Post-Licence Approval
Reference Materials
Ossinger, J. (2021). ‘Crypto Exchange Gets Singapore Nod on Digital Token Services’, Bloomberg, 2 August. Available at: https://www.bloomberg.com/news/articles/2021-08-02/crypto-exchange-gets-mas-in-principle-approval-for-dpt-services
Tan, N. L. (2021). ‘DBSV gets in-principle approval to provide trading services for digital payment tokens’, The Business Times, 12 August. Available at: https://www.businesstimes.com.sg/banking-finance/dbsv-gets-in-principle-approval-to-provide-trading-services-for-digital-payment
Singapore remains one of the world’s top destinations for fund managers, managing S$6.07 trillion in assets as of December 2024. To operate locally, all fund management companies must be licensed or registered with the Monetary Authority of Singapore (MAS) under the Securities and Futures Act (SFA). This guide outlines the key licensing requirements under MAS’s latest framework.
On 25 September 2025, the Monetary Authority of Singapore (MAS) issued the Guidelines on Standards of Conduct for Digital Advertising Activities. These new rules, effective 25 March 2026, apply to all financial institutions (FIs) and their appointed digital marketers — including agencies, affiliates, and influencers (“finfluencers”).
Following Russia’s invasion of Ukraine, Singapore imposed targeted financial measures under MAS’s notice dated 13 March 2022. These measures prohibit financial institutions from conducting transactions or providing financial assistance to designated Russian banks, entities, and individuals. Institutions must freeze related assets and restrict dealings involving controlled strategic or dual-use goods bound for Russia. MAS’s directive highlights the importance of vigilance, robust due diligence, and strong compliance controls to ensure adherence to Singapore’s sanctions regime.
As Singapore positions itself as a global FinTech hub, cryptocurrency activities are gaining traction under tighter regulatory oversight. The Monetary Authority of Singapore (MAS) now requires all Digital Payment Token (DPT) service providers to be licensed and meet stringent AML/CFT and technology risk management standards. Whether you’re an exchange operator or an investor exploring the digital asset space, understanding the Payment Services Act is essential to staying compliant and future-ready.
