Singapore has long been viewed as a potential hub for cryptocurrency and blockchain innovation, particularly within the Asia-Pacific region. While the city-state has adopted a cautious regulatory approach in recent years, it remains actively engaged in fostering responsible Web3 development—especially in areas involving retail users and digital payments.
Central to this framework is the Payment Services Act (PS Act), introduced in 2019 by the Monetary Authority of Singapore (MAS). This forward-looking legislation provides a comprehensive and flexible regulatory environment for fintech companies, requiring virtual asset service providers to implement robust anti-money laundering (AML), consumer protection, and risk disclosure measures.
To legally operate cryptocurrency-related services in Singapore, most firms must obtain either a Major Payment Institution (MPI) license or a Standard Payment Institution (SPI) license under the PS Act. As of June 7, 2023, out of 461 companies that have received licensing approval or in-principle approval, 19 are actively involved in crypto services.
Cryptocurrency Companies with Major Payment Institution Licenses
The MPI license allows companies to offer a wide range of services—including cross-border transfers, digital payment token (DPT) services, e-money issuance, and merchant acquisition—with higher transaction limits than the SPI license.
1. FOMO Pay
FOMO Pay was the first local fintech company to receive an MPI license from MAS. Specializing in mobile payment solutions, it supports over 10,000 merchants and financial institutions across Asia and Africa. The platform simplifies payments for both Web2 and Web3 businesses.
License granted: September 1, 2021
Covered services: Domestic remittance, cross-border remittance, merchant acquisition, digital payment token services
👉 Discover how seamless crypto payments can transform your business operations.
2. DBS Vickers Securities
A subsidiary of DBS Bank—one of Southeast Asia’s largest financial institutions—DBS Vickers offers investment and trading services across multiple markets, including Singapore, Hong Kong, and the U.S. Its entry into the crypto space underscores traditional finance’s growing integration with digital assets.
License granted: October 1, 2021
Covered services: Digital payment token services
3. DTC Pay
Digital Treasures Center (DTC Pay) leverages blockchain technology to bridge traditional financial infrastructure with modern digital payment needs. It offers multi-currency swaps, online and in-store crypto payments, and efficient value transfer solutions.
License granted: August 2, 2022
Covered services: Account issuance, domestic and cross-border remittances, merchant acquisition, e-money issuance, DPT services
4. Independent Reserve
Recognized as Singapore’s first licensed crypto exchange, Independent Reserve emphasizes compliance, security, and trust. It serves users in Australia, New Zealand, and Singapore, with support for customers from more than 30 countries.
License granted: October 1, 2022
Covered services: Account issuance, domestic and cross-border remittances, DPT services
5. CoinHako
Based in Singapore, CoinHako operates as both a cryptocurrency exchange and digital wallet provider. It focuses on delivering a secure and user-friendly experience for buying, selling, and storing digital assets.
License granted: May 6, 2022
Covered services: Digital payment token services
6. Revolut
Originally founded in London in 2015, Revolut has expanded globally with innovative digital banking tools—most notably its prepaid Visa cards for international spending. Its MPI license enables broader financial inclusion through integrated crypto capabilities.
License granted: August 2, 2022
Covered services: Account issuance, domestic and cross-border remittances, merchant acquisition, e-money issuance, DPT services
7. Sparrow
Positioned as a provider of tailored digital asset solutions, Sparrow adheres to strict cybersecurity and regulatory standards. Acquired in late 2022 by Amber Group—a Temasek-backed firm—it continues to strengthen institutional-grade crypto infrastructure.
License granted: August 1, 2022
Covered services: Digital payment token services
8. Paxos Global
Paxos builds blockchain-based financial solutions for traditional institutions. Known for issuing the USDP stablecoin, it aims to connect legacy finance with decentralized systems to enhance efficiency and transparency.
License granted: November 2, 2022
Covered services: Cross-border remittance, digital payment token services
9. MetaComp
Established in 2018 under MetaVerse Green Exchange, MetaComp offers OTC trading, exchange services, fiat gateways, custody, prime brokerage, and asset management—all powered by Nasdaq’s trading engine.
License granted: December 1, 2022
Covered services: Cross-border remittance, digital payment token services
10. Crypto.com
With over 80 million users worldwide and support for more than 250 cryptocurrencies, Crypto.com is one of the leading global exchanges. It also issues the Crypto.com Visa card and owns naming rights to Crypto.com Arena (formerly Staples Center).
License granted: August 2, 2022
Covered services: Account issuance, domestic and cross-border remittances, e-money issuance, DPT services
11. Circle
Circle is best known for its USDC stablecoin—a key player in the digital dollar ecosystem. After opening its Singapore office in May 2023, its local entity received full MAS approval.
License granted: August 2, 2022
Covered services: Account issuance, domestic and cross-border remittances, DPT services
Companies with Standard Payment Institution Licenses
While less comprehensive than the MPI license, the Standard Payment Institution (SPI) license permits firms to offer similar services under lower transaction thresholds:
- Monthly transaction volume below SGD 3 million per service (excluding e-money and currency exchange)
- Combined monthly volume below SGD 6 million for two or more services
- Daily outstanding e-money not exceeding SGD 5 million
Only two crypto-focused companies currently hold this license in Singapore.
1. BHOP Consulting (BHEX)
Operating BHEX as a digital asset trading platform, BHOP Consulting provides crypto exchange, custody, and electronic payment solutions.
License granted: August 19, 2022
Covered services: Digital payment token services
2. Triple A
Triple A offers a secure and easy-to-integrate crypto payment gateway that enables businesses to accept cryptocurrency without exposure to price volatility.
License granted: November 30, 2021
Covered services: Domestic remittance, cross-border remittance, merchant acquisition, DPT services
👉 Learn how businesses are adopting crypto payments without market risk exposure.
Companies with In-Principle Approval
Before receiving final licensing approval, firms may be granted in-principle approval (IPA)—a conditional green light that allows them to prepare operations while meeting MAS requirements such as capital adequacy, AML/CFT controls, governance structure, and risk management frameworks.
Ripple
Ripple’s blockchain-based payment protocol enables fast cross-border settlements using its native XRP token. Its On-Demand Liquidity (ODL) service saw significant growth across Asia-Pacific markets.
IPA received: June 22, 2023
Sygnum Singapore
A regulated digital asset bank based in Singapore and Switzerland, Sygnum offers brokerage, custody, lending, tokenization, and asset management services for Bitcoin, Ethereum, XRP, and other major cryptos.
IPA received: March 8, 2022
Blockchain.com
This London-based firm provides a full suite of crypto tools: wallets, trading platforms, blockchain explorers, analytics dashboards, and institutional-grade solutions.
IPA received: October 12, 2022
Coinbase
One of the world’s largest crypto exchanges headquartered in San Francisco, Coinbase enables users to buy, sell, store, and use various cryptocurrencies securely.
IPA received: October 11, 2022
👉 See what it takes for global exchanges to meet top-tier regulatory standards.
Companies That Withdrew Their License Applications
Despite initial ambitions to enter Singapore’s regulated market, some firms have exited due to internal challenges or broader industry downturns.
Luno
Originally targeting emerging markets like Africa and Southeast Asia, Luno paused its Singapore operations and withdrew its license application after notifying MAS in early 2023.
Hodlnaut
Once a prominent local crypto lending platform offering interest-earning accounts, Hodlnaut entered judicial management following the collapse of TerraUSD ($UST). It suspended all operations and plans to formally withdraw its application.
Genesis (Unconfirmed)
A subsidiary of Digital Currency Group and parent company of Luno, Genesis APAC received IPA in June 2022 but faced insolvency amid the failures of Three Arrows Capital (3AC) and FTX. While no official withdrawal has been confirmed, continued operations in Singapore appear unlikely.
Frequently Asked Questions (FAQ)
Q: What is the difference between an MPI and SPI license?
A: The Major Payment Institution (MPI) license allows higher transaction volumes and broader service offerings compared to the Standard Payment Institution (SPI) license. SPIs face strict monthly caps on transaction values.
Q: Why did some companies withdraw their applications?
A: Market volatility—including collapses like TerraUSD and FTX—impacted liquidity and solvency at firms like Hodlnaut and Genesis. Others like Luno made strategic decisions to exit regulated markets.
Q: Does having an in-principle approval mean a company is fully licensed?
A: No. In-principle approval is conditional; companies must meet all MAS requirements before receiving final licensing status.
Q: How does MAS regulate crypto firms?
A: Through the Payment Services Act (PS Act), MAS enforces strict AML/CFT compliance, capital requirements, cybersecurity protocols, consumer safeguards, and operational transparency.
Q: Can unlicensed firms operate in Singapore?
A: No. All entities offering regulated payment or crypto services must obtain appropriate licensing from MAS or face legal action.
Q: Are stablecoins regulated in Singapore?
A: Yes. Stablecoins like USDC (issued by Circle) fall under DPT regulations. MAS is also developing additional frameworks for systemic stablecoins.
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