Singapore crypto licence register
Every firm licensed by MAS for Digital Payment Token services · source: MAS Financial Institutions Directory · last check 6 August 2026
⚠ A payment services licence is not a securities licence. It permits digital payment token services under the Payment Services Act; tokens that are capital markets products are regulated separately under the Securities and Futures Act.
MAS's Financial Institutions Directory does not publish the date a licence was granted, so this page lists what each firm is permitted to do rather than when it was approved.
Complete register · 38 licensed firms · source: MAS
About
The Monetary Authority of Singapore licenses digital payment token services under the Payment Services Act 2019. Every company above holds a payment institution licence that includes the Digital Payment Token service — the permission needed to deal in tokens, or to run a platform that does, for customers in Singapore. Most hold other payment permissions alongside it, and those are listed in full. Providing digital payment token services in or from Singapore without a licence is an offence.
How do I check if a crypto company is licensed in Singapore?
Search its name or brand above. Firms are licensed under legal names that rarely match the brand — Crypto.com is licensed as Foris DAX Asia Pte. Ltd., Coinhako as Hako Technology Pte. Ltd. — so this page shows both. If a firm serving Singapore customers appears nowhere here, it does not hold a digital payment token licence.
What is the difference between a Standard and a Major Payment Institution?
Transaction volume, not activity. A Standard Payment Institution stays below MAS's monthly transaction and e-money float thresholds; above them a firm must hold a Major Payment Institution licence, with heavier capital, safeguarding and audit requirements. The permitted activities are the same list in both classes.
Does a payment licence let a firm offer tokenised securities?
No. A digital payment token licence covers tokens used as a means of payment. A token that is a capital markets product — a tokenised security, a fund unit, a derivative — falls under the Securities and Futures Act and needs a capital markets services licence, or an exemption. Firms doing both hold both.
Can licensed firms advertise crypto to the public in Singapore?
Barely. Since January 2022 MAS guidelines have restricted the marketing of digital payment token services to the Singapore general public: no advertising in public spaces or mass media, no third-party promotions, and no crypto ATMs. A firm may promote its services on its own website, app and official social accounts, and nowhere else.
Is a MAS licence valid in the EU, the UK, Dubai or Hong Kong?
No — separate regimes, separate applications. See our EU · MiCA, UK · FCA, Dubai · VARA and Hong Kong · SFC registers. Groups such as Coinbase, Crypto.com, Ripple, Revolut and HashKey appear in more than one.
How Singapore's crypto regime works
Singapore regulates crypto as a payment activity. The Payment Services Act 2019 created a single licence covering seven services — account issuance, domestic money transfer, cross-border money transfer, merchant acquisition, e-money issuance, money-changing and digital payment token services — and a firm is approved for the specific services it applies for. The digital payment token service is the one that matters here: it covers dealing in tokens, facilitating their exchange, transferring them, holding them in custody and brokering those transactions. Every firm on this page holds it; the other permissions listed against each firm are separate approvals under the same licence.
There are two licence classes, and the difference between them is size rather than scope. A Standard Payment Institution operates below MAS's monthly transaction and e-money float thresholds. Once a firm expects to exceed them it must hold a Major Payment Institution licence, which brings higher base capital, a security deposit lodged with MAS, safeguarding of customer money and an annual audit. The list of things a firm may do is identical in both classes, so a Standard licence is not a lesser permission — it is a smaller one.
A payment licence is not a securities licence. If a token is a capital markets product — a tokenised bond or share, a unit in a collective investment scheme, a derivative — it sits under the Securities and Futures Act, and dealing in it requires a capital markets services licence from MAS instead of, or in addition to, the payment licence. Firms running both a token exchange and a tokenised securities business hold both authorisations, and the two say different things about what the firm has been assessed on.
Retail access is deliberately narrow. Since January 2022, MAS guidelines have barred firms from marketing digital payment token services to the general public in Singapore: no advertising in public transport, public spaces, broadcast or print media, no engagement of third parties or influencers to promote, and no crypto ATMs. Promotion is confined to a firm's own website, app and official accounts. Consumer-access measures that took effect through 2024 went further, requiring firms to assess a retail customer's knowledge of the risks before providing services, barring the acceptance of credit-card payments for token purchases, prohibiting incentives to trade, and banning the lending or staking out of retail customers' tokens.
Stablecoins have their own framework. In August 2023 MAS finalised rules for single-currency stablecoins pegged to the Singapore dollar or to a G10 currency and issued in Singapore. An issuer must hold low-risk reserve assets at least equal to the value in circulation, redeem at par within five business days of a request, meet base capital and solvency requirements, and publish independent attestations of the reserves. Only an issuer that meets that standard and is approved by MAS may describe its token as MAS-regulated; a stablecoin that does not meet it may still be traded, but the label is not available to it.
The offshore-only route is closed. Until 2025 a firm could incorporate in Singapore, serve only customers outside it, and fall outside the Payment Services Act because it provided no service in Singapore. From 30 June 2025 MAS required Singapore-incorporated firms providing digital token services solely to overseas customers to be licensed under the Financial Services and Markets Act 2022, with no transitional period. Firms that did not obtain that licence had to stop.
Several groups on this list hold licences elsewhere too. Coinbase, Crypto.com, Ripple, Revolut and Bitstamp appear across the EU MiCA registers, the UK FCA register and the Dubai VARA register; HashKey holds a Singapore licence alongside its Hong Kong presence on the SFC register. Each authorisation covers only the jurisdiction that granted it: a MAS licence permits nothing in the EU, and MiCA authorisation permits nothing in Singapore.